SALT LAKE CITY, Oct. 26, 2011 /PRNewswire/ -- Celtic Bank announced today that Michael Fiorentino has joined the bank as Vice President, Asset-Based Lending.  Mr. Fiorentino will manage business development efforts in Southern California for the bank's SBA Working Capital CAPLines Program.

Mr. Fiorentino is a veteran of the Factoring and Asset-Based Lending industries and has served in executive management positions with financial institutions such as Wells Fargo and Bank of America.  He joins Celtic Bank just as Celtic has received national Preferred Lender status for the SBA CAPLines Program.  

"We are extremely excited to have Mike Fiorentino join Celtic Bank," said Daniel Godfrey, VP of Asset-Based Lending at Celtic Bank.  "His vast network and experience in Asset-Based lending will be a tremendous benefit to our CAPLines business development efforts.  In addition, our new Preferred Lender status will dramatically improve our turnaround and processing times for new customers."

Effective immediately, Celtic Bank can process Working Capital CAPLines (previously known as Standard Asset-Based CAPLines) up to $5 million under the Preferred Lender Program and loans can be processed in as little as 10 days. Over the past 5 years, Celtic has earned a reputation as the top Asset-Based CAPLines lender in the country.  

The Working Capital CAPLines Program offers revolving credit facilities for businesses involved in extending credit and carrying accounts receivable and inventory. Financing is intended solely for working capital purposes, or to refinance an eligible working capital line of credit. Lines are self-liquidating and are paid through the collection of receivables and sale of inventory.

Mr. Fiorentino will focus on serving business customers in a variety of industries, including manufacturing, wholesale and distribution of consumer goods and other retail products, staffing, and other commercial services.  

About Celtic Bank:

Celtic Bank is a leading provider of small business loans, real estate and construction loans for customers throughout the country. Headquartered in Salt Lake City, Utah, Celtic Bank serves small businesses across the country. Celtic Bank is a member of the FDIC and is an Equal Housing, Preferred SBA, and FHA lender. Celtic Bank is the premier provider of Working Capital CAPLines in the country and is a national preferred SBA 7(a), CAPLines, and Express lender. As an industrial bank, Celtic is unable to accept demand deposit relationships.

For more information, visit www.celticbank.com.

Media Contacts: Alfred Quinn
(801) 320-6569
aquinn@celticbank.com

Michael Fiorentino
(213) 479-7453
mfiorentino@celticbank.com

SOURCE Celtic Bank