The $23.4 billion-asset company said in a press release Tuesday
that Lee Palm will serve as president of the new division. Palm previously served as president of commercial finance at TCF Financial.
Brian Shapiro, another former TCF banker, will serve as
managing director in charge of Simmons’ transportation and marine business.
Phil Mulder joined Simmons as the unit’s head of credit and risk. He
previously worked at Citizens Financial Group.
The division
will largely focus on business aviation, OTR trucking, franchise finance,
marine financing, and a specialized buy/sell desk function.
"Being
able to add an entire team with the expertise and skillset that encompasses all
of the business verticals necessary to begin operations represents a unique
'plug and play' opportunity that will allow us to immediately hit the ground
running,” Matt Reddin, Simmons’ chief
banking officer, said in the release.
“Equally
important, we'll be able to offer our commercial finance customers a deeper
banking relationship with access to our full array of complementary commercial
banking and wealth management products and services,” Reddin added.
Simmons has
announced a couple of acquisitions recently, agreeing in June to buy Triumph Bancshares in Memphis, Tenn., for $132 million and Landmark Community Bank in
Collierville, Tenn., for $146 million. Those deals are expected to close in the
fourth quarter.
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