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Art Mann Jr., President of Donsco Inc., a foundry based in Wrightsville, Pennsylvania, appreciates working with a bank that understands the value of the manufacturing business’s assets, including equipment, real estate, inventory, and accounts receivable.
“They understand our industry and our assets,” Mann says. “They’ve supported us through a devastating fire and rebuild to create a more efficient, redesigned foundry.”
Sterling National Bank’s relationship managers serve as a single point of contact to help strategize and take your business to the next level.
Laurel Varney, Senior Vice President in Asset-Based Lending with Sterling National Bank, is the Relationship Manager responsible for the Donsco relationship since the fall of 2017. Asset-Based Lending is a commercial bank product that provides working capital to clients secured by and based on the value of the business’ current assets. In Donsco’s case, it has both a revolving line of credit and amortizing term debt secured by long term assets.
Varney, who has worked in Commercial Lending and/or Asset Based Lending for over 20 years and holds a CPA designation, has worked with a myriad of types of companies including manufacturing companies such as Donsco. As an experienced Relationship Manager, she understands the cyclical nature of the economy and its potential impact on clients.
In her role as Relationship Manager, Varney is the single point of contact for her clients, like Donsco, providing guidance to manage their day-to-day financial needs while also balancing the needs of her colleagues and internal credit to ensure clients are adequately supported.
“We have the flexibility of a small bank, even though we are a much larger bank, and we take a sense of pride in moving quickly to respond to clients,” Varney says. “Everyone at Sterling understands a sense of urgency to take care of a client, and we strive for expediency as much as possible.”
Serving clients is the top priority for relationship managers like Varney—especially when they face new challenges, such as the dramatic fire that impacted Donsco Inc. in 2018.
“We were able to help the client because of our size and agility,” Varney says. “We can make decisions quickly and take care of the client’s needs, and clients always have direct access to us—not just a 1-800 number to call.”
If you’re looking for a commercial bank that understands your industry and prioritizes the client relationship, call Sterling National Bank today.