Troy-based Flagstar Bank, a $23 billion Midwest regional bank, announced the hire of Ray Green and Joe Panico, veterans of the asset-based lending industry, to lead Flagstar Business Capital, the bank’s newly established asset based lending and senior secured lending group.
Green joins as senior vice president and director of Flagstar Business Capital. He has experience starting, growing, and leading asset-based lending divisions. Panico joins as first vice president and senior managing director.
Green was previously with Woodforest National Bank, where he served as executive vice president and built a specialty finance platform. He also brings industry experience from time at Citizens Republic Bank, GMAC, and Chase Bank.
“We’re excited to be a stable financing partner to middle market companies and sponsors,” Green says. “We have significant experience working with management teams through economic and industry cycles. This experience, paired with our commitment to stability and certainty of execution, helps position our clients to outperform their competition.”
Flagstar Business Capital works with companies and sponsors nationwide, providing commitments up to $30 million. Solutions include revolving lines of credit, term loans, equipment lines of credit, real estate loans, and more.
The group supports middle market businesses that are seeking senior debt for refinances, acquisitions, restructurings, turnarounds, recapitalizations, and growth capital.
“Our clients rely on us to put solutions within their reach that not only fit their current needs but also support the future of their businesses,” Panico says. “We look forward to expanding the business by being a decisive and trusted resource for borrowers, advisors, and investors across the country.”