February 10, 2011
February 10, 2011
PEOPLE’S CAPITAL AND LEASING CORP. EXPANDS INTO BUSINESS AVIATION WITH THE HIRE OF TWO INDUSTRY VETERANS
BRIDGEPORT, CT – People’s Capital and Leasing Corp., a subsidiary of People’s United Bank (NASDAQ: PBCT), announced today the appointment of Bob Sommers and Jim Pulie, both Vice President of Sales, to launch its newly created Business Aviation segment. This expansion will target large and mid-sized owners and operators of business aircraft, including jets, turboprops and helicopters.
PCLC, with a portfolio of $1.4 billion, has experienced steady growth within the equipment finance industry since its inception in 1997. PCLC currently specializes in the packaging, printing, transportation and healthcare industries. To develop this strategic expansion into the aviation market, PCLC hired industry veterans Sommers and Pulie.
Bob Sommers will develop PCLC’s national business aircraft financing segment, specializing in fixed wing aviation assets via loan and lease structures for corporate and business owners. Sommers has more than 26 years of aviation finance experience. Prior to joining PCLC, he held positions with TD Equipment Finance, Wachovia Equipment Finance and CIT Group Inc. Somers earned a Bachelors degree in Economics from Temple University and a Bachelors degree in Accounting from Ursinus College, Collegeville, PA..
Jim Pulie will develop PCLC's helicopter segment and regional fixed wing business, specializing in providing loan and lease financing solutions to owners and operators. Pulie has more than 20 years of aviation finance experience. Prior to joining PCLC, Jim held positions with Webster Capital Finance, CIT Group Inc., Debis Financial Services and United Technologies Corporation’s Pratt & Whitney and Sikorsky Aircraft subsidiaries. Pulie earned a bachelors of science degree in Business Administration from the University of Dayton and an MBA in Finance from the University of New Haven.
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.