EPI Health, a fully consolidated subsidiary of Novan, signed a $15 million accounts receivable-backed factoring agreement with Bay View Funding, a wholly-owned subsidiary of Heritage Bank of Commerce.
Walter T. Kaczmarek will be stepping down as president and CEO of Heritage Commerce. Robertson “Clay” Jones, currently president and chief operating officer of the bank, will succeed him and become the president and CEO of the company.
Bay View Funding, a subsidiary of Heritage Bank of Commerce, appointed Norman Brame senior vice president and regional sales manager. He will focus on originating new factoring business in the Southeast.
The International Factoring Association appointed five new advisory board members, including Jay Atkins of Seacoast Business Funding, Oscar Rombolà of eCapital, Greg Salomon of Oxygen Funding, George Thorson of Triumph Business Capital and Debra Zukonik of Dare Capital.
Heritage Bank of Commerce plans to expand its national specialty finance group, which consists of the Bay View Funding national factoring business and the bank’s national asset-based lending/corporate finance team and regional Small Business Administration lending team in the San Francisco Bay Area.
QuickLogic amended its loan and security agreement with Heritage Bank of Commerce, increasing its revolving line of credit from $9 million to $15 million.
Spectrum Global Solutions has entered into a $5 million revolving asset based line of credit with Heritage Bank of Commerce. This facility is an accounts receivable line of credit that will support the growth of the company’s ADEX subsidiary.
Catasys entered into a $10 million financing comprised of a $2.5 million receivable facility with Heritage Bank of Commerce and a four-year, $7.5 million term loan with Horizon Technology Finance.
Heritage Commerce, along with its wholly-owned subsidiary Heritage Bank of Commerce, completed its previously announced merger with Tri-Valley Bank.
Heritage Commerce, the parent company of Heritage Bank of Commerce, agreed to merge with United American Bank in a transaction valued at approximately $44.2 million.