Capital One Bank announced that is has expanded its commercial banking presence in Philadelphia with the appointment of two new executives to the Commercial Banking team. Michael Prendergast and Drew Richards join Capital One as Senior Vice Presidents and will provide lending and commercial banking services to Capital One's middle market and corporate customers in Pennsylvania, Delaware, and Southern New Jersey. They will report to Tom Savage, Market Manager for the region.
"Mike and Drew bring extensive local knowledge and expertise to our Philadelphia team,” Savage said. “They are a great fit with our organization and will provide strong, strategic support to the Bank's clients as we continue to expand our presence in our targeted markets in Pennsylvania, Delaware, and Southern New Jersey.”
Prendergast brings more than 25 years of experience in commercial banking to Capital One. He previously spent five years at Citibank, where he was responsible for growing a portfolio of middle-market and corporate clients in the Pennsylvania, Southern New Jersey and Delaware markets. Prior to Citibank, Prendergast worked for TD Bank. He holds multiple financial planning designations, including CFP, ChFC, and CLU, and is a long-time member of the Philadelphia Chapter of the Association for Corporate Growth. He is also the Philadelphia Chapter Treasurer for the Risk Management Association.
Richards brings more than 20 years of corporate finance experience to Capital One. He previously was responsible for originating and structuring credit and investment banking solutions to middle-market and corporate clients in the Pennsylvania, New Jersey, Ohio and Delaware markets for Bank of America Merrill Lynch. Previously, he led an Origination and Structuring team in middle market Leveraged Finance at Merrill Lynch Capital covering the Western and Southeastern U.S. regions. Prior to that role, he worked in Merchant Banking at CIT Group where he was responsible for the origination, structuring and distribution of debt and equity transactions to support corporate financings. Richards started his career with First Union Corporation and served in a wide variety of roles, including Leveraged Finance, Syndications, Corporate Finance and Private Placements. Richards holds a B.A. in economics from Rutgers University and currently resides in Medford, NJ.
“Philadelphia is an important market for us, and bringing in top talent like Mike and Drew is a critical part of building our presence here,” said Ellen Marshall, Northeast Regional Executive for Middle Market Commercial Banking. “This expanded team reflects our commitment to strengthening our capabilities as we provide tailored financial solutions for clients in the Greater Philadelphia market.”
Capital One Financial Corporation is a financial holding company whose subsidiaries, which include Capital One, N.A., and Capital One Bank (USA), N.A., had $208.8 billion in deposits and $310.5 billion in total assets as of June 30, 2015. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels.