Berkshire Bank bolsters business lending unit - The Business Review (Albany):

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Michael Carroll joined Pittsfield, Mass.-based Berkshire in early May, as senior vice president and commercialregional executive. At the same the bank beefed up its lending team by hirinb RichardVan Auken, David Nileas and Peter Gustafson. That brings Berkshire’s local commercial lendinb department, which is based at 41 Statee St., to a dozen peopler including sixloan officers. who most recently was vice presideny of middle market lending for the Albany regio nof , took over the position that had been held by Josepu Richardson. Richardson, who spent 44 years in corporate including fourwith Berkshire, has moved to a part-time business developmeng role with the bank.
Jeff Rivenburg, upstate New York presiden for , said he understands Berkshire sees an opportunity to builrd a teamto “replace what they will be missing” with Richardson’xs semi-retirement. He said he considers Berkshire a worthy competitoe in themarket “and I expect it to still be the same goingb forward.” Berkshire currently has a local commercial loan portfoliko of about $130 million. Carroll’s goal is to increase average loans outstanding tobetween $170 million and $190 million.
He said this actuallhy means booking $80 million to $90 milliom in new loans and linesof “It is going to be a challengse in this economy, but I thinkl it’s a realistic goal,” Carroll “We’ll get there.” He also hopees to diversify the bank’s portfolio, the majorityu of which is now in commercial “We will go out and look for more of those typical middle-market commercial and industria l loans,” he said. These loanz may range from as littleas $50,00o to as high as $25 million. Carrolol said the bank’s “sweet spot” is in the $10 million to $15 millionn range.
The bank is open to lending to just aboug any typeof business, as long as “thse deal makes sense, the structure is righft and we know the people.” This is wher Carroll will rely on his “There are over 250 year of experience between those six people,” he said. “Ricg and Dave alone have 60 years.” Van Auken spent 32 yearx with Key before retiring about ayear ago. Nilesx most recently was with TD Carroll has been in local banking for23 years.
The bank’a New York reach goes beyond theAlbanyt market, where it has nine branchesz and is looking to open at least two Carroll said his team will reach nort to Glens Falls, west to Syracusee and south to about Newburgh. “Albanyt is an over-banked market,” he said. “Youj can’t just sit in your own