SALEM — Salem Five has hired an experienced banker to lead the asset-based lending (ABL) initiative, which is new to the organization, the bank announced Monday.
Keith Broyles, who began his banking career in 1990, has been named senior vice president in charge of the new Business Credit team at Salem Five.
Broyles and his team will provide ABL solutions to businesses, helping those customers manage their cash flow, among other common business needs.
“This was the missing piece in our commercial banking program,” said Paul Kelly, chief revenue officer at Salem Five. “Our lenders are well versed in everything from commercial and industrial loans and commercial real estate loans to niche services such as aviation, lower leverage finance and residential construction loans. However, we had not provided asset-based loans before, which are another tool to help businesses manage their financial affairs.”
Broyles has created several asset-based lending teams at Massachusetts banks during his career, with a long history of sourcing, structuring, underwriting, closing and managing ABL relationships, with more than $1.6 billion in ABL loans closed during his career.
Broyles will report to Kevin Rourke, senior vice president in charge of commercial banking at Salem Five.
“I’m really looking forward to working alongside Paul, Kevin and the team at Salem Five,” Broyles said. “The team has a great reputation in the market, and together, I hope we can build upon that even further with the addition of Salem Five Business Credit.”
