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Suzanne Dawson
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FIRST CAPITAL RENEWS AND INCREASES LETTER OF CREDIT FACILITY WITH STERLING NATIONAL BANK
WEST PALM BEACH, FL, August 22, 2008 – First Capital, a leading financial services firm, announced that it had renewed its letter of credit facility with Sterling National Bank. In addition, the facility was increased by $10 million (to a new total facility size of $25 million) to support First Capital’s growing business.
Mark Sunshine, President and Chief Operating Officer of First Capital said, “This renewal and increase helps us continue to service the needs of our clients and provide financing to growing manufacturing and service companies in North America and Asia.” Mr. Sunshine went on to say, “First Capital is ‘open for business’ and is looking forward to continuing our growth. We are a rapidly growing source of business lending and back office service and have been almost completely unaffected by the “credit crisis”. Our commitment to superior service is unparalleled and we continue to provide new credit facilities to borrowers at attractive rates. Sterling National Bank has been a wonderful partner and we look forward to continuing this relationship for many years.”
Howard Applebaum, Executive Vice President of Sterling National Bank said, “Sterling is pleased to be instrumental in supporting First Capital in expanding their client base. For over three years, Sterling has been a partner with First Capital to enable import Letters of Credit to be issued on behalf of their clients. First Capital is just one of many of our business partners who rely on our expertise in the field of international trade finance.”
About First Capital
First Capital (www.FirstCapital.com) is a leading commercial financial services firm providing prompt, professional and reliable working capital solutions and outsourcing, primarily for middle-market companies and institutions. With over $1 billion in total committed lines, First Capital is one of the largest independent and fastest-growing commercial finance companies in the United States. The firm focuses on asset-based lending, accounts receivable management, credit protection, international supply chain financing and servicing for clients in North America and Asia. The firm also manages asset portfolios for clients and is an active issuer of receivables-backed securities. Combining a unique blend of traditional and progressive banking methods, First Capital provides clients with customized support needed to grow and maintain their business. Based out of West Palm Beach, Florida, the firm has six full-service offices in major cities including New York, Los Angeles, Ft. Lauderdale, Oklahoma City and Atlanta and a subsidiary that is headquartered in Hong Kong.
About Sterling National Bank
Sterling National Bank (www.SterlingNationalBank.com), with banking locations in New York City and Queens, Nassau and Westchester counties, was founded in 1929. Sterling serves the needs of businesses, professionals and individuals by offering a broad array of products and services combined with a unique high-touch approach to customer service. Sterling National Bank is the principal banking subsidiary of Sterling Bancorp (NYSE: STL), a New York-based banking and financial services company with assets exceeding $2.0 billion.
Known for its focus on business customers, Sterling offers such services as working capital lines, asset-based financing, factoring and accounts receivable management, payroll funding and processing, equipment leasing and financing, commercial and residential mortgages, international trade financing, cash management, a wide array of deposit products, trust and estate administration, and investment management services.
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