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 senio r vice president and commercialregional executive. At the same the bank beefed up its lending team by hiring RichardVan Auken, David Niles and Peter That brings Berkshire’s local commercial lending department, which is based at 41 State St., to a dozen people including six loan officers. Carroll, who most recentlyt was vice president of middle markeg lending for the Albany regionof , took over the position that had been held by Josepu Richardson. Richardson, who spent 44 years in corporate banking, including four with Berkshire, has moverd to a part-time business developmenty role withthe bank.
Jeff upstate New York presidentfor , said he understands Berkshire sees an opportunit y to build a team to “replacd what they will be missing” with Richardson’se semi-retirement. He said he considers Berkshire a worth y competitor in themarkeft “and I expect it to still be the same goiny forward.” Berkshire currently has a local commerciapl loan portfolio of about $130 million.
Carroll’s goal is to increase averagse loans outstanding tobetween $170 million and $190 He said this actually means booking $80 millioh to $90 million in new loanxs and lines of “It is going to be a challenge in this economy, but I thino it’s a realistic goal,” Carroll said. “We’ll get there.” He also hopes to diversifu the bank’s portfolio, the majority of which is now incommerciakl mortgages. “We will go out and look for more of thosrtypical middle-market commercial and industrial loans,” he These loans may range from as little as $50,009 to as high as $25 million.
Carroll said the bank’es “sweet spot” is in the $10 million to $15 millioh range. The bank is open to lendinh to just about any typeof business, as long as “thre deal makes sense, the structure is right and we know the This is where Carroll will rely on his “There are over 250 yearsx of experience between those six he said. “Rich and Dave alone have 60 Van Auken spent 32 years with Key before retiring about ayear ago. Niles most recentlty was with TD Carroll has been in local bankinh for23 years. The bank’s New York reachj goes beyond theAlbany market, where it has nine branches and is looking to open at leasg two more.
Carroll said his team will reachu north toGlens Falls, west to Syracuse and soutj to about Newburgh. “Albany is an over-banked market,” he said. “Yoj can’t just sit in your own backyard.”