Bank of America Corp. (BAC) said it will expand its asset-based lending to serve
smaller middle-market businesses as part of its October acquisition of LaSalle
Bank unit LaSalle Business Credit.
The Charlotte, N.C., banking company said America Business Capital will form a
national division to serve this market, focusing on asset-based financing from $5
million to $25 million.
The merger provides the company greater reach into the Midwest where LaSalle
Business Credit was a major payer, Bank of America said.
Additionally, Bank of America Business Capital is dividing its Central/Southeast
division in two.
Ferrell Coppedge will continue to lead the Southeast division, while John
Mostofi, who was in charge of large asset-based lending for LaSalle Business
Credit, will lead the Central division.
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