First Trade Union Bank now offers marine lending

Author:
Updated:
Original:

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.

Click here for more.

Related

The 2021 Top 10 Most Innovative Marine Companies Awards

The marine industry consistently honors products and people. The industry, however, has not recognized forward-thinking companies that are moving the industry in new directions. Soundings Trade Only’s mission is to reflect, inform and inspire.

German Superyacht Yard Files for Bankruptcy

Nobiskrug cited a lack of orders, the Covid-19 pandemic and other factors in its decision to start the proceedings.

West Marine Acquired

The private-equity firm L Catterton will take a controlling interest in the retailer’s ownership.

Kicker Supports Two Events on Lake Havasu

The marine audio company will take part in the performance-boat events Super Cat Fest West and the Desert Storm Poker Run this weekend and next.

Bay Bridge Show Starts Tomorrow

The combined sail- and powerboat show runs through Sunday in Stevensville, Md.

Brunswick Corp. Arranges Covid-19 Vaccinations

The marine-industry conglomerate aims to protect employees and their communities against Covid-19.

Kadey-Krogen Announces New Ownership Structure

This summer, the builder and its new investor plan to reveal a five-year innovation and strategic plan.

What is America’s Finest Harbor?

Online voting is open in the US Harbors competition for the best U.S. harbor.

Bruce Van Wagoner to Retire

The 45-year industry veteran was marine group president for Wells Fargo Distribution Finance.