Daily News: February 3, 2012

Union Bank Plans to Double Loan Volume in 2012

After experiencing substantial growth of its Business Banking group in 2011, Union Bank announced plans to continue expanding the group in 2012 with a focus on lending. The growth initiative, following a year of almost doubling year-over-year loan volume, will continue into 2012 with aggressive plans to double volume again. The Business Banking group also plans to double its sales force by 2014.

“We’re focused on strong privately held businesses in each of the markets we serve – these businesses are the core of the economy and will lead the economic recovery,” said Union Bank executive vice president Todd Hollander, head of Business Banking. “Many business owners have had to defer their capital expenditures in the last few years and are now seeking financing. Our customers are using the bank’s services to navigate the new economy with innovative ways to lower their costs and speed up their cash cycle.”

During 2011, Union Bank said its retail division increased its volume of Small Business Administration (SBA) loans (including 504, 7a and express) substantially over the previous year, despite a challenging economic environment.

“We’re committed to the development and growth of our specialized SBA lending unit and, for the first time, Union Bank was recently ranked in the top 10 of SBA 504 lenders for the markets we serve,” said Hollander.