Asset-based lender enters factoring business.First Business Financial Services, Inc., Madison, Wis., announced that through its asset based lending company, First Business Capital Corp., it has entered the factoring business with the hiring of three factoring professionals. The business will operate as First Business Factors, a division of First Business Capital Corp., with its primary location in Des Plaines, Ill..Gail Heldke has been named senior vice president and division manager of First Business Factors and Robbin Salvage and Jorge Varela, previously affiliated with Working Capital Solutions, have joined First Business Factors as vice president-operations manager and account manager, respectively.."FBFS has been looking at entering the factoring business for some time," commented Corey Chambas, president and CEO of First Business Financial Services, Inc. "Factoring is an effective financing alternative for young, growing, emerging companies that have solid collateral, but lack other attributes to qualify for conventional financing. First Business, through our other banks and subsidiaries, currently provides traditional bank loans, equipment loans and leases, asset-based loans, treasury management services as well as trust and investment services. With the addition of First Business Factors and its skilled team of factoring professionals, we are now capable of providing an additional financing option for privately held businesses at another stage in their development.".First Business Capital Corp. is an asset-based lender for small- to mid-market companies with credit requirements of $1 million to $7 million. It provides revolving lines of credit and term loans for acquisitions, debt restructuring, turnaround situations, debtor-in-possession, confirmation financing, and rapid growth financing..Illinois bank moves ahead with two remodels.First State Bank, Mendota, Ill., has chosen The Redmond Company of Waukesha, Wis., to remodel its facilities in Shabbona, Ill., and in Carol Stream, Ill..The Shabbona location is a 5,400-square-foot office, while the Carol Stream branch is 5,100 square feet. At both locations, a new lobby will feature branded elements including a multi-media center, a new teller line and furnishings. New finishes will also help reinforce the bank's brand as they expand..In 2011, Redmond completed a remodel of the bank's St. Charles, Ill., branch. First State Bank has 18 locations throughout north central Illinois..Bank sells failed S&L assets to CU, community development partner.Hinsdale Bank & Trust Company is selling some of the deposits it purchased from the failed Second Federal Savings and Loan last July when the thrift was closed by regulators. The buyer is Self-help Federal Credit Union, which has partnered with a local community development organization, The Resurrection Project. The deal is expected to close in the first quarter of 2013..Hinsdale Bank & Trust is a subsidiary of Wintrust Financial Corporation of Rosemont, Ill., a $17 billion organization with 15 bank subsidiaries serving the Chicago and Milwaukee areas.."We came into Second Federal's neighborhoods with the intention of serving all the financial needs of the community," said Edward J. Wehmer, president and CEO of Wintrust. "After working with a number of community leaders, we came to the conclusion that, for now, those needs are best served by the venture that The Resurrection Project has developed. We are honored to have been the bridge to allow this community the time to build the coalition necessary to take responsibility for Second Federal.".The Resurrection Project is a Chicago-area community development organization. Since 1990, The Resurrection Project has revitalized predominantly low-income Latino communities on Chicago's Southwest side through a variety of community development strategies.."We are pleased to continue the legacy of Second Federal in Brighton Park, Little Village and Cicero communities. Wintrust and Hinsdale Bank served a critical and responsible role in allowing time for The Resurrection Project and our partner, Self-Help Federal Credit Union, to complete the purchase of the Second Federal loan portfolio from the FDIC," stated Raul Raymundo, The Resurrection Project's CEO..Iowa tech company to work with The Bancorp.SmartyPig, the Des Moines, Iowa technology company, is working with The Bancorp to resell its savings technology. SmartyPig is selling The Bancorp its CorePro product, which is a back-office savings account platform. Included in the deal is SmartyPig's Goal Saver tool, which provides a customer interface with CorePro. The Bancorp is a financial holding company that owns an FDIC-insured branchless bank which partners with some 300 private label affinity groups around the country..The SmartyPig product helps online banking customers establish and achieve savings goals. Banks like it because it encourages deposits. The Bancorp will begin selling the product in the first half of 2013; the two companies have been working together since last spring..The Bancorp Bank is headquartered in Wilmington, Del., with offices in Chicago; Minneapolis; Sioux Falls, S.D., and elsewhere.
