Boston bank adds marine financingPosted on
First Trade Union Bank announced rejoined the yacht-financing market and hired a senior executive to manage its yacht-financing program.
The bank named Jim Velez senior vice president/yacht lending and said he will be responsible for expanding its consumer lending portfolio in that business.
The bank said Velez, who lives in Fort Lauderdale, has more than 30 years of experience in the marine lending industry. Before he joined First Trade, Velez worked for KeyBank and has also been president of First New England Financial, where First Trade said he built a portfolio of yacht loans that included individual transactions of as much as $25 million.
The Boston-based bank has offices in Massachusetts and New York.