Bank of America creates business loan unit
NEW YORK, April 7 (Reuters) - Bank of America Corp (BAC.N) on Monday said it has created a new unit to make $5 million to $25 million secured loans to mid-sized businesses.
The new unit will be called the Business Finance Division, and be part of Bank of America Business Capital, a unit of the second-largest U.S. bank by assets.
Bank of America said it is creating the division following its $21 billion acquisition six months ago of Chicago-based LaSalle Bank NA from ABN AMRO Holding NV AAH.AS. The division will serve "the smaller end" of middle-market companies.
Bruce Denby will lead the new division, while Bob Corsentino will be responsible for portfolio management. Both worked at LaSalle Business Credit, where Denby was national manager of sales and underwriting and Corsentino was head of credit.
Separately, Bank of America said it split in two the Central/Southeast Division of Bank of America Business Capital. Ferrell Coppedge will continue to lead the Southeast division, while former LaSalle executive John Mostofi will take over the Central division.
Bank of America is based in Charlotte, North Carolina. (Reporting by Jonathan Stempel, editing by Gerald E. McCormick)
