325 West 75th Street, #2
New York, NY 10023
Innovative, consultative and “hands-on” Senior Management Finance Professional with deep experience in debt markets, including structuring, lending, portfolio surveillance and risk management, credit policies and procedures, loan review, and “work-out” of Distressed and Special Situation assets. Demonstrated experience in Leveraged and Acquisition Finance, including extensive debt structuring, negotiation and closing of complex acquisitions, syndicated credits and recapitalizations. A high-energy, proven self-starter that led the development and launch of several successful new lending lines of business. Able to motivate staff; gain organizational buy-in while being a change agent; and manage cross-functional teams and initiatives.
AMALGAMATED BANK, New York, NY Jun 2008 - Present
Chief Credit Officer/ Executive Vice President
Responsible for the safety and soundness of a $5,000mm C&I, commercial real estate and retail banking loan portfolio, a $1,400mm in construction fund portfolio, two senior credit officers and 12 credit professionals.
• Ensures that the Bank and the Fund’s portfolios are not exposed to losses due to failure to protect collateral, gaps in documentation, or lender liability risks.
• Manages all assets relative to the collection of past dues, payoffs, modifications, and renewal of maturities, integrity of credit grading and reserves, FAS 114 requirements, credit policy compliance, valuation, environmental risk, etc. accounting policy compliance, and integrity of credit files.
• Formulates and directs successful resolution plans and providing periodic guidance to PMs performing supporting research, analysis and management.
• Directs the execution of creative and aggressive work-out strategies for complex portfolio, to include litigation and bankruptcy, and OREO accounts by utilizing strong knowledge of legal rights, and ramifications of resolution strategies.
• Uses detailed understanding of loan documentation and collateral valuation methods to maximize recoveries.
MORGAN STANLEY COMMERCIAL FINANCIAL SERVICES, INC., Purchase, NY
Jan 2005 – Nov 2007
Chief Credit Officer/ Member of Board of Directors
Responsible for two departments and the safety and soundness of a $1,000mm commercial loan portfolio. Chair, Commercial Loans Committee and Distressed Loans Committee.
• Readjusted service delivery standards, business credit model and credit policies to conform to the regulatory environment, and approved a record $350mm in new loans in.
• Successfully exited 25 “work-out” transactions aggregating $110mm with minimum impact on charge-offs, achieved zero charge-offs in the last 12 months, and introduced FAS114 methodology.
• Reduced portfolio Loss Given Default probability by 100 bps in 18 months, achieved an overall portfolio WARR of 3.49, and adjusted the ALLL and overall policy to conform to BASEL II requirements.
MERRILL LYNCH BUSINESS FINANCIAL SERVICES, INC, Chicago, IL 1999 – 2004
Managing Director/FVP/ Member of Board of Directors
Chief Credit Officer (2001 – 2004)
Responsible for the P&L of three departments employing 30 professionals and one Senior Credit Officer; the credit quality and safety and soundness of a $10,000mm loan portfolio, and a $1,000mm Special Assets and Distressed portfolio. Chair, Credit and Loan Quality Committees. Possessed $25mm signature authority.
• Created a successful risk framework that translated the business owners’ vision into a value proposition encompassing predictability of approval, a high velocity model with de minimus NPAs, and a solid RAROC.
• Re-aligned business model, exited Small Business Credit (<$500m loan size) and Contractor Sector, and successfully completed the sale of two impaired loan portfolios, the first sale of its kind at Merrill Lynch.
• Established new lending standards and credit policies to conform to the regulatory environment, and redesigned the Credit Underwriting Memorandum template to focus on risks, mitigants, cash flows, and financial projections. Introduced a Moody’s-based customized financial modeling program.
• Co-Chaired ML Credit Policy Re-Alignment Committee tasked with conforming firm-wide credit policies.
• Formalized and implemented real estate and environmental lending policies and standards, and successfully negotiated an environmental insurance policy with AIG. Implemented a High Risk Industries List, and an LFT policy with exposure limits to reduce and manage exposures to certain industries.
• Started a monthly Loan Quality Process to survey portfolio soundness and arrest negative trends, and initiated a Loan Review process for all lending areas. Format and methodology were adopted by MLBUSA.
• Designed a credit risk-rating matrix and converted a 9,500 customer portfolio to a new 10-point risk-rating scale. In 2001 tied the risk rating scales to an automated ALLL Matrix.
• Led four successful safety and soundness exams. Developed strong relationships with FDIC.
Head, Middle-Market Leveraged & Franchise Lending (June 1999 – 2000)
Managed two departments located in two cities with 15 officers and support staff focusing on large direct and syndicated middle-market, leveraged, asset-based, and franchised loans.
• Expanded business into middle-market leveraged and acquisition finance sectors. Built the portfolio from a $150mm base to $2,000mm in 4 years with less than 45bps in net charge-offs.
• Introduced franchise, C-store, and beverage lending, and implemented underwriting standards, lending parameters and training programs. Portfolio grew to $300mm in 4 years with no charge-offs.
• Led three diligence exercises to purchase three separate Distressed, and Special Situations portfolios aggregating >$100mm.
WACHOVIA BANK, N.A/FIRST UNION NATIONAL BANK/ FIRST UNION CAPITAL MARKETS/CORESTATES BANK, Philadelphia, PA 1984 – 1999
Senior Vice President/Director – Leveraged Finance (1992-1999)
As Transaction Head, and Deal-Team Leader:
• Originated, structured, and syndicated Middle-Market transactions aggregating $250mm annually and generated approximately $15mm in annual fees.
• Led and coached “deal teams” as a senior officer. Granted Level I Credit Authority.
• Designated Team Leader in acquisition diligence exercises for four acquisition opportunities.
• Appointed by Chief Credit Officer as Instructor and Mentor for new analysts in Bank Credit Training program
Senior Vice President - Head of Beverage Finance (1996-1998)
Formed a successful, and highly profitable de novo lending practice, and staffed it with five professionals.
• Developed $200mm in new business with $1mm in annual fees during the first 18 months.
• Achieved national prominence, and was frequent guest speaker before various national and regional beverage associations on industry trends and consolidation.
Vice President – Manager, Philadelphia Middle Market (1987–1992)
Led Flagship Market, and was responsible for the market’s P&L; marketing strategy; a $1,400mm loan portfolio; 16 loan officers and the support staff.
• Almost doubled total Commitments by capturing high quality customers displaced by local mergers.
• Successfully started a new lending practice geared toward serving the banking needs of law firms.
• Named to the bank’s Senior Credit Committee and the acquisition due diligence team.
Assistant Vice President – South West Oil & Gas (1984–1987)
As coverage and business development officer, marketed credit and non-credit services to Oil and Gas, Chemical, and Petrochemical companies in new and remote territory for the bank. Increased accounts three-fold over two years. This successful effort led to the opening of a large Houston Edge Act and an LPO Office.
1974 - 1983
Manufacturers Hanover Trust Company. After successfully completing formal credit training program, assigned to US Multi-Nationals. First in training class to be promoted to Assistant Secretary.
American International Group, Inc. Oil and Gas and Petrochemicals Risk Underwriter domiciled in Belgium
WENDY’S INTERNATIONAL. Multi-unit Owner-Operator, responsible for site selection and development; store operations and purchasing; franchise marketing, media, and promotions, and the overall financial management and profitability of the units.
Board of Directors Memberships: Colon Cancer Alliance; NY-based Partnership with Children, and former Board Member Southeast PA United Way, Philadelphia, PA. Treasurer, the Colon Cancer Alliance.
M.B.A. International Management,
Thunderbird School of Global Management
B.S. Business Administration,
Fisher College of Business
The Ohio State University
• Fluent in French, Arabic and Italian languages.
• Enjoy running, squash, tennis, golf, the arts, classical music and opera, history of the US Civil War, travel.