Cambridge Trust Company named Chris O’Connor senior vice president and Peter Coates vice president to lead its new Asset-Based Lending practice.

“The bank made the strategic decision to add asset-based lending offerings to our commercial lending practice to further strengthen and diversify our broad set of financing solutions,” said Denis Sheahan, president and CEO of Cambridge Trust Company. “Chris and Peter’s extensive experience will bring the leadership and depth of knowledge we need to execute our expansion into asset-based lending.”

O’Connor has more than 25 years of experience in asset-based lending. He most recently served as president and chief credit officer at Salus Capital Partners. He previously started and ran the Asset-Based Lending group at Rockland Trust and was EVP of Business Credit at Webster Bank.

“I look forward to helping build this new Asset-Based Lending practice with Cambridge Trust,” said O’Connor. “Their existing commercial lending portfolio has an excellent reputation within the market area and the addition of ABL will only help better serve their clients and reach new ones.”

Coates has worked in asset-based lending for 30 years, most recently at Salus Capital Partners as SVP, Special Assets. He also worked at Citizens Bank, GE Capital, People’s United and HSBC USA.

Cambridge, MA-based Cambridge Trust Company is a 126-year-old chartered commercial bank with $1.8 billion in total assets.