The warehouse commitment business is booming at People’s United Bank of Connecticut which last fall hired industry veteran Paul Best from PNC Bank to run its operation.
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According to figures submitted to National Mortgage News, at June 30 People’s had $450 million of commitments on its books, a four-fold increase from a year ago.
Its customer base now totals 25 nonbanks. A year ago it had just 10.
Best is a well known figure in warehouse circles. For years he ran warehouse lending for National City Bank before that institution was sold to PNC Bank. PNC, however, did not like the warehouse business and began winding down its operations well over a year ago.
Although People’s is based in Bridgeport, Conn., its warehouse group is headquartered in Louisville, Ky., where Best resides.
Daily Briefing | Thursday, August 11, 2011
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