Los Angeles, CA, April 26, 2017 — MUFG Union Bank, N.A. (Union Bank) today announced four appointments within the Small Business Administration Lending group. Craig Cornwell, Billy Szeto, Jeff Theiler, and Sam Vichattu join as Vice Presidents reporting to Kirsten (Didi) Hakes, head of the Small Business Administration Lending group. These individuals will assist small business owners with a broad range of financial services, including owner-occupied commercial real estate lending, business acquisition, and expansion.
"Small business owners across the West Coast are optimistic about the business opportunities ahead and we are expanding our team to support their growing needs," Hakes said. "This high-caliber team, with an average of 18 years of experience serving small business owners, is qualified to counsel clients on the various Small Business Administration programs and other financing options that will help them achieve their specific business goals."
Based in Los Angeles, Craig Cornwell brings to Union Bank more than 20 years of Small Business Administration expertise. He also brings deep understanding of owner-occupied lending. Together with a team of Los Angeles-based bankers, he will cover the Los Angeles market. Cornwell is a licensed California real estate broker and holds a BA in Economics from The University of California, Los Angeles.
Billy Szeto joins Union Bank from J.P. Morgan Chase, where most recently he served as a Relationship Manager serving businesses in the Los Angeles area. He brings Union Bank small business clients more than 20 years of financial industry experience in the Greater Los Angeles Area. He is a Small Business Administration specialist with a commercial banking background that includes experience in commercial real estate, equipment financing, and commercial and industrial lending. Szeto has also held positions at SoCal Certified Development Company, California Bank &Trust, First Bank, and Comerica Bank. He is based in Los Angeles.
Covering the Pacific Northwest, Jeff Theiler joins Union Bank from Bank of the West, where he was as a Small Business Administration Specialist. Previous to that, he was a Vice President with Lehman Brothers, Key Bank, and GE Capital. Theiler's professional background includes banking experience in commercial real estate and equipment financing. He also brings more than 20 years of financial services experience as a Small Business Administration Specialist and Commercial Banker. Theiler earned a Bachelor's degree in Justice Studies from Arizona State University. He is based in Portland and serves the Pacific Northwest.
Sam Vichattu brings more than 12 years of financial services experience, which includes expertise in commercial real estate finance, SBA lending, market development, and financial analysis. He is based in San Jose, Calif., and will cover the San Francisco Bay Area market. Vichattu is a licensed real estate agent and holds a degree in Business Administration from De Anza College.
About the Union Bank Small Business Administration group
The Small Business Administration group serves businesses that fall withing the U.S. Small Business Administration guidelines. It offers an array of products and services for businesses and their owners, including deposit solutions, loans, lines of credit, specialized credit programs, and online business products. The team serves clients throughout the bank's footprint across California, Oregon, and Washington.
Union Bank Small Business Economic Survey
In February 2017, Union Bank published the results of its 18th annual Small Business Economic survey. Union Bank conducted the survey from Dec. 12, 2016 to Jan. 3, 2017, compiling results from nearly 700 small business owners in California, Oregon, and Washington.
Overall, 53 percent of respondents said the national economy is headed in the right direction, a significant reversal from January 2016 when a majority (58%) believed the economy was headed in the wrong direction. More than half of respondents (57%) also said they believe the economic outlook at the state and local levels has improved versus 49 percent in January 2016. However, 62 percent of survey participants said the United States, as an entity, is headed in the wrong direction. This reflects a 5 percentage point increase from January 2016. For more information about the survey, please visit https://www.unionbank.com/global/about/newsroom/press-releases/union-bank-small-business-economic-survey.jsp.
The above survey is for informational purposes only. The findings are based on surveys of small businesses, and the information is not a guarantee of actual or future performance.
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About the Survey
Union Bank, working with its survey partner (MaritzCX), surveyed 693 respondents (591 in California and 102 in the Pacific Northwest) online from Dec. 12, 2016 to Jan. 3, 2017. The small business respondents were screened to ensure that they have been in operation for a minimum of two years with owners over the age of 25. The small businesses were defined for the survey as having $15 million or less in annual sales. The margin of error for the full sample is +/-4 percentage points. For the various regions, the margins of error are as follows: Southern California +/-4%, Northern California +/-7%, and Pacific Northwest +/-10%.
About MUFG Union Bank, N.A.
MUFG Union Bank, N.A., is a full-service bank with offices across the United States. We provide a wide spectrum of corporate, commercial and retail banking and wealth management solutions to meet the needs of customers. We also offer an extensive portfolio of value-added solutions for customers, including investment banking, personal and corporate trust, global custody, transaction banking, capital markets, and other services. With assets of $115.6 billion, as of December 31, 2016, MUFG Union Bank has strong capital reserves, credit ratings and capital ratios relative to peer banks. MUFG Union Bank is a proud member of the Mitsubishi UFJ Financial Group (NYSE: MTU), one of the world's largest financial organizations with total assets of approximately ¥302.1 trillion (JPY) or $2.6 trillion (USD)1, as of December 31, 2016. The corporate headquarters (principal executive office) for MUFG Americas Holdings Corporation, which is the financial holding company and MUFG Union Bank, is in New York City. The main banking office of MUFG Union Bank is in San Francisco, California.
(1) Exchange rate of 1 USD=¥116.49 (JPY) as of December 31, 2016