First Trade Union Bank, with offices in Massachusetts, Rhode Island and New York, has entered the yacht financing industry.
The bank appointed Jim Velez as vice president and yacht program manager for the new yacht financing unit. He will be responsible for identifying and cultivating new customer relationships.
Velez has 29 years of experience in marine lending, most recently as vice president for yacht lending at KeyBank. He also served as president of First New England Financial where he built a portfolio of yacht loans that included individual transactions up to $25 million.
"At a time when many lenders have exited the industry, First Trade will provide the yachting community with a new and much needed source for consumer yacht loans,” Velez said in a statement.