First Capital announced the hiring of Eric Serenkin in its ABL Eastern Division. Serenkin will lead and manage First Capital’s ABL New York office, a regional sales office for the ABL Eastern Region located in Atlanta. He will be responsible for all asset based lending new business activity in the New York metropolitan area and surrounding markets including Pennsylvania, New Jersey, New York, Connecticut and additional states throughout the Northeast Region.

Serenkin is an experienced financial professional with more than 35 years of experience in all aspects of asset-based lending and corporate finance industry including business development, financial analysis, underwriting, portfolio management and operations. Most recently he was senior vice president at Wells Fargo & Company in charge of a large portfolio of diverse accounts. Other previous positions include director, senior vice president of business development at National City Business Credit, senior vice president and northeast sales manager at CIT Commercial Credit and various positions with CIT Business Credit including regional new business manager and business development officer. Serenkin has had additional business development positions with Mellon Business Credit, PNC Business Credit, Chemical Bank and Midlantic National Bank.

“Having Eric join our team is an exciting step in our growth strategy for the ABL Eastern Region,” said John Nooney, EVP and ABL Eastern division manager. “We have recently expanded our regional headquarters in Atlanta and were looking to expand our business development coverage throughout the Northeast Region. Eric’s extensive background and knowledge of the local asset-based market is the right combination to lead the Northeast’s origination growth platform.”

Serenkin’s appointment comes at the heal of a banner 2012 for the ABL Eastern Region including nearly $40 million in credit lines originated in the fourth quarter alone. Under Nooney’s leadership, the office has recently reached a milestone of over $200 million AUM and increased its office space needed after the hiring of additional personnel to handle the increase of originations.

Serenkin stated, “This is an exciting time to be joining the ABL Eastern Region. The recent origination momentum created by the region shows the need for First Capital’s business model in the market. I look forward to the opportunity to lead business development throughout the Northeast Region and have a successful year of new business strategic relationships.”

Serenkin received a BS in Accounting from New York University and is a member of TMA, CFA and ACG.

First Capital provides working capital financing typically ranging from $2 million to $25 million primarily to small and middle-market entrepreneurs with annual sales ranging from $10 million to $250 million. Credit facilities are in the form of asset-based loans or factoring arrangements.