February 01, 2011
February 1, 2011
PAUL A. BEST, CMB, JOINS PEOPLE’S UNITED BANK AS SENIOR VICE PRESIDENT FOR WAREHOUSE LENDING IN THE BANK’S COMMERCIAL DIVISION
BRIDGEPORT, CT – People’s United Bank announced today that Paul A. Best, CMB has joined the bank as a Senior Vice President for Warehouse Lending in the bank’s Commercial Division. Warehouse lending is a commercial line of credit provided to a mortgage banking company to fund residential mortgages. It is a short term, revolving credit facility that funds a lender’s pipeline from the time a mortgage is closed until the time it is sold in the secondary market.
Best joined People’s United from National City Bank where he was responsible for a $2.5 billion portfolio of warehouse loans. National City was recently purchased by PNC Bank which has exited the Warehouse Lending market.
Prior to joining National City, Best began his banking career at the First National Bank of Louisville where he would eventually lead that bank’s Warehouse Lending efforts. After 17 years at the First National Bank of Louisville, Best joined PNC Bank where he would also lead that bank’s Warehouse Lending Division.
A graduate of Indiana University, Best earned his Juris Doctor from the University of Louisville School of Law.
People’s United Bank is a subsidiary of People's United Financial, Inc., a diversified financial services company with approximately $25 billion in assets. Peoples United Bank, founded in 1842, provides consumer, commercial and wealth management services through nearly 340 branches in Connecticut, Vermont, New Hampshire, Massachusetts, Maine and in Westchester County and Long Island, New York. Through additional subsidiaries, People's United provides equipment financing, asset management, brokerage and financial advisory services, and insurance services.