CoBiz Financial will begin providing asset-based loans to middle market businesses through its newly formed CoBiz Structured Finance.
Chris Randall, previously a co-founder, board member and chief operating officer of MFC Capital Funding in Chicago, will lead the group.
Randall has more than 20 years of experience in the financial services industry. Prior to his role at MFC, Randall served as vice president and division manager for the structured finance group at Fifth Third Bank.
"The lower middle market for leveraged loans is currently underserved by the banking industry in our markets," said Jonathan Lorenz, CEO of Colorado Business Bank and Arizona Business Bank. "[Randall's] knowledge and experience in leveraged lending will allow us to bring great depth to our loan products and continue to be responsive to the credit needs of businesses. The creation of CoBiz Structured Finance will allow us to serve growing businesses that are highly leveraged without incurring significant risk to the bank's credit quality."
CoBiz Financial is a $2.4 billion financial services company that serves business owners and professionals in Colorado and Arizona.
The company provides commercial banking services through Colorado Business Bank and Arizona Business Bank; wealth planning and investment management through CoBiz Wealth Management, and trust services through CoBiz Trust; property and casualty insurance brokerage and employee benefits through CoBiz Insurance; investment banking services through Green Manning & Bunch; and executive benefits consulting and wealth transfer services through Financial Designs.