Press

BOCA RATON, FL (July 30, 2014) — Boca Raton based IBM Southeast Employees’ Federal Credit Union, one of the nation’s largest credit unions, recently expanded its loan offerings by adding a Commercial Lending Department, according to President & CEO Michael Miller.

Miller stated, “As a financially strong, $860 million credit union with a large amount of capital and liquidity, we decided that is was time to build a commercial loan portfolio.  But to move forward with this decision, we needed the experience and expertise of a commercial lending professional to spearhead our department. Luckily, we were able to achieve this by hiring Rick Sartory, as IBM Southeast EFCU’s Director of Commercial Lending.”

Sartory comes to IBM Southeast EFCU with more than 23 years of commercial lending and banking experience. Sartory moves over to IBM Southeast EFCU from his position as Vice President, Senior Commercial Banker at the $3 billion CenterState Bank.  He plans to offer a full complement of traditional, commercial lending products – from lines of credit to commercial mortgages – in the South Florida and Atlanta, Georgia area, expanding nationally later. Sartory said, “IBM Southeast has a vast lending capacity and is very competitive with their rates and terms, along with providing extraordinary personalized service. With a current loan portfolio capacity of approximately $100 million, we will aggressively seek out quality lending opportunities with our current Business Members and prospects. We have Members throughout the United States, and we want to be able to serve all of their banking service needs, both personal and business.” 

Types of commercial loans offered by IBM Southeast EFCU include lines of credit for short-term cash flow needs and term loans for equipment, working capital, plant/facility expansion, and both owner-occupied and non-owner occupied commercial buildings. Sartory invites South Florida and Atlanta area Business Members and prospects to email him at rsartory@ibmsecu.org. He explained, “Since commercial lending is a new venture and new product at IBM Southeast EFCU, we have the shares and capacity to meet the needs of our Business Members and prospects in our markets.”  He went on to say that IBM Southeast EFCU requires sensible, sound and reasonable underwriting standards for loans to be approved.

Miller stated that this new service will be beneficial for IBM Southeast EFCU Members as well. “The incoming interest income from commercial loans will assist us in giving back to our Members in the form of higher rates on savings and certificate accounts.”

Rick serves in many professional organizations. He is a member of the Leadership Palm Beach County Class of 2014 and on various community Boards.  He is a Trustee of NorthPAC Political Action Committee and is an immediate Past Chair of the Governmental Affairs Committee of the Northern Palm Beach County Chamber of Commerce. He enjoys running and fishing in his free time.  Additionally, Sartory has a Bachelor of Science in Financial Management from Clemson University.

Sartory resides in Palm Beach Gardens, Florida, and has two grown children.

About IBM Southeast Employees’ Federal Credit Union
IBM Southeast Employees’ Federal Credit Union, established in 1969, is one of the nation’s largest Credit Unions with more than 70,000 Members worldwide and more than $800 million in assets. A Credit Union is a not-for-profit financial institution that is owned by its Members. Credit Unions generally offer high-yield deposits, low interest-rate loans and low fee structures. IBM Southeast EFCU offers a complete range of products and services including: Checking and Savings accounts, Money Market accounts, Certificates, IRAs, First and Second Mortgages, Car Loans, Visa® Credit Cards, Business Services, and much more.