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In the Marketplace
CIT Bank of New York, which is the U.S. commercial bank subsidiary of CIT Group Inc ., has completed its acquisition of Portsmouth, NH-based Direct Capital Corporation , a provider of financing to small and mid-sized businesses. Founded in 1993, Direct Capital has provided more than 80,000 businesses with over $2.25 billion in equipment, franchise and vendor financing and lending solutions to grow their businesses. Direct Capital has assets of approximately $500 million and employs 250 individuals.
Signature Bank of New York announced the formation of a new specialty finance subsidiary, Signature Financial LLC , which will begin offering direct finance services for both the franchise and commercial marine industries on a national basis. The franchise business will provide financing to franchise operators across a variety of national and regional restaurant concepts and chains, such as those engaged in fast-casual and family-oriented restaurant businesses. The commercial marine unit will specialize in the financing of commercial vessels, including supply ships, tugboats, barges and commercial passenger transport vessels. The franchise business will be led by John R. Black in the position of National Franchise Finance Manager. He will be responsible for loan origination and strategy. Supporting him is Thomas E. Eylander , who was named Senior Risk Underwriting Manager for franchise finance. Richard J. Paine, Sr. will lead Signature Financial's direct commercial marine business development efforts and aid in the development of the new unit's strategic direction. Most recently, Paine served as National Finance Manager in the Commercial Marine Group at TCF Equipment Finance, Inc .
New York's Latest Cybersecurity Commitment
On Aug. 9, 2023, Gov. Kathy Hochul introduced New York's inaugural comprehensive cybersecurity strategy. In sum, the plan aims to update government networks, bolster county-level digital defenses, and regulate critical infrastructure.
Law Firms are Reducing Redundant Real Estate by Bringing Support Services Back to the Office
A trend analysis of the benefits and challenges of bringing back administrative, word processing and billing services to law offices.
Bit Parts
Summary Judgment Denied Defendant in Declaratory Action by Producer of To Kill a Mockingbird Broadway Play Seeking Amateur Theatrical Rights
Risks of “Baseball Arbitration” in Resolving Real Estate Disputes
“Baseball arbitration” refers to the process used in Major League Baseball in which if an eligible player's representative and the club ownership cannot reach a compensation agreement through negotiation, each party enters a final submission and during a formal hearing each side — player and management — presents its case and then the designated panel of arbitrators chooses one of the salary bids with no other result being allowed. This method has become increasingly popular even beyond the sport of baseball.