Celtic Bank Blog

Salt Lake City, UT (July 7, 2014) — Celtic Bank is pleased to announce that it recently funded a PACE bond with Los Angeles County in the amount of $6,860,000 for the New Constance Hotel located in Pasadena, California. Funds for the New Constance Hotel will be used to install energy efficient improvements including new HVAC and controllers, LED lighting, elevator motors and controls, window treatments, water systems, and insulation. These improvements are estimated to save 207,488 kWh per year in electricity usage and reduce water consumption by 3,200,000 gallons. The closing of the New Constance Hotel PACE bond brings the total amount of PACE fundings by Celtic Bank to $14,065,000. "Most clean energy programs require taxpayer and government subsidies to make them economically viable. We are excited to participate in a program like PACE that utilizes private capital to fund clean energy improvements that actually increase the operating cash flow of the entity," said Jake Barney, Chief Financial Officer of Celtic Bank. PACE (Property Assessed Clean Energy) is a unique financing vehicle offered by local governments in states with PACE enabled legislation. PACE allows property owners to finance 100% of the costs to make energy efficient upgrades or renewable...

Salt Lake City, UT (June 24, 2014) — Celtic Bank is pleased to announce that Richard Gaetano has been hired as Vice President of Business Development in the bank's SBA and Commercial Lending Department. Gaetano will be based in Southbury, Connecticut. Gaetano is a 12-year veteran in the finance and banking industry. Gaetano has advised small business owners in the areas of commercial mortgage-backed securities, SBA lending, factoring finance, asset management and financial planning. During this time, Richard served as the Managing Director of Pricom Capital, a New York based commercial finance brokerage firm; Private Wealth Manager for Morgan Stanley Smith Barney in Mid-Town Manhattan; and most recently, Vice President of Business Development at American Business Lending, a Dallas based SBA non-bank lender. Richard graduated Cum Laude from Fairfield University with a Bachelors of Science. "We are delighted to have someone with Richard’s background join our team of SBA lending professionals," said Craig Calafati, Executive Vice President of SBA Lending at Celtic Bank. "Celtic Bank is currently the sixth largest SBA lender in the nation. Our ability to attract top talent like Richard is a testament to our continued growth as a nationwide leader in small business banking," added Calafati....

Salt Lake City, UT (May 7, 2014) — Celtic Bank is pleased to announce that Benjamin Smith has been hired as Vice President of Business Development in the bank’s SBA and Commercial Lending Department. Smith will be based in Salt Lake City, Utah and will report to Tom Green, Senior Vice President of SBA Lending at Celtic Bank. "We are excited to bring Ben on board as we continue to grow and expand our business," said Green. Smith joins Celtic Bank with more than 11 years of experience working in the real estate acquisition and commercial financing sectors. Smith began his professional career as a commercial loan underwriter at Zions Bank before being promoted to Loan Acquisition Officer. Most recently, Smith served as Vice President of Acquisitions for a Utah private equity firm where he focused on the acquisition of value added residential and commercial real estate on a national platform. Smith graduated from the University of Utah with a Bachelor of Arts degree in Finance. "Ben’s diverse background in both real estate acquisition and commercial financing is a tremendous asset to Celtic Bank," said Craig Calafati, Executive Vice President of SBA Lending at Celtic Bank.

Salt Lake City, UT (May 6, 2014) — Celtic Bank is pleased to announce that Jeff Rauth has been hired as Vice President of Business Development in the bank’s SBA and Commercial Lending Department. Rauth will be based in Troy, Michigan.

Salt Lake City, UT (April 7, 2014) — Celtic Bank is pleased to announce that Angela Machado has joined the bank as Vice President of Business Development. Machado will be based in Southern California and will renew a previous partnership with Jim Harris, Senior Vice President of SBA Lending at Celtic Bank. Machado and Harris will combine their expertise in small business lending with their unique approach of jointly helping each business owner arrange needed financing. "Over the years, Jim and I have witnessed how pleased our business clients were to have two seasoned bankers fully dedicated to their needs," said Machado. Celtic Bank was named the 6th largest SBA lender in the nation for FY2013, approving $302M in gross SBA loans during fiscal year 2013. "We have experienced tremendous growth over the past several years. We are excited to bring Angela on board as we continue to expand our team and fund the growth of our nation’s small businesses," said Reese Howell, Jr., Chief Executive Officer. Machado comes to Celtic Bank with more than 14 years of direct SBA lending experience and is highly regarded in the industry. She began her career financing small businesses at Greater Bay Bank...

Salt Lake City, UT (March 11, 2014) — Celtic Bank was named the largest SBA 7(a) lender in Utah for the fiscal period beginning October 1, 2013 through February 28, 2014 by the SBA Utah District Office. Celtic Bank approved $15.6 million in gross SBA loans during the 5-month period. In January 2014, Celtic Bank was recognized by the U.S. Small Business Administration as the most active 7(a) medium-sized lender (assets of $200 million to $1 billion) in Utah for FY2013. “Utah is well-known for being one of the best states in the nation for small businesses. The pro-business climate in Utah combined with a strong economy and talented workforce makes Utah a breeding ground for entrepreneurship and innovation. Celtic Bank is proud to be a member of the Utah business community and to finance the growth of Utah’s small businesses,” said Craig Calafati, Executive Vice President of Business Development at Celtic Bank.

Salt Lake City, UT (January 28, 2014) — Celtic Bank has been recognized by the U.S. Small Business Administration as the most active 7(a) medium-sized lender (assets of $200 million to $1 billion) in Utah for FY2013. The award was presented to Celtic Bank by Stan Nakano, Utah District Director for the U.S. Small Business Administration and Steve Price, Deputy District Director, at the SBA Utah District awards event held January 23, 2014. Wade Newman, President of Celtic Bank, Bradley Bybee, Chief Lending Officer, and Scott Petty, VP of Asset-Based Lending, were on hand to accept the award. "It is an honor to accept this award on behalf of Celtic Bank," said Newman. "We appreciate the tremendous support we receive from the SBA Utah District office and the local business community."

Salt Lake City, UT (January 7, 2014) — Celtic Bank is pleased to announce that Michael Caron has been hired as Vice President of Business Development in the Asset-Based Lending Group at Celtic Bank.  Caron will be focused on business development of the bank’s asset-based lending and factoring programs in the Northeast United States.  Caron will report to Daniel Godfrey, Senior Vice President of Asset-Based Lending at Celtic Bank. 

Salt Lake City, UT (January 6, 2014) — Celtic Bank is pleased to announce that Scott Petty has been promoted to Vice President of Business Development in the Asset-Based Lending Group at Celtic Bank.  Petty will be focused on business development of the bank’s asset-based lending and factoring programs.  Petty will report to Daniel Godfrey, Senior Vice President of Asset-Based Lending at Celtic Bank.