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Floating loans to movie producers and rock stars may not be the banking industry's cure-all. But for a pair of banks, the entertainment business has provided a well-timed safe harbor.
July 19 -
City National Bank (CYN) in Los Angeles opened an office in Daytona Beach, Fla., that will target clients in the entertainment, sports and motorsports industries.
July 2 -
Go Banking Rates named Sofia Vergara, the star of the ABC comedy "Modern Family," its "Best Celebrity Saver," giving her a consolation prize of sorts after she fell short at the Golden Globes.
January 14
New York Private Bank & Trust is getting into the movie business.
The $6.4 billion-asset bank
The financial terms of the agreement were not disclosed. The new company, which will operate under the Aperture brand, will offer senior and mezzanine credit products to film and television producers.
"Aperture fits well within NYPB&T given its combination of thorough underwriting and high-level product customization," John Hart, head of private banking at New York Private Bank, said in a press release Monday.
The new firm will be led by Jared Underwood and Andrew Robinson, who were previously executives in the entertainment banking division at the $65 billion-asset Comerica.
Underwood and Robinson are also the co-founders of Surefire Entertainment Capital, which recently provided financing for films such as John Wick, an action film starring Keanu Reeves, and Best of Me, a love story based on a Nicholas Sparks novel.
New York Private Bank is the parent company of Emigrant Bank in New York.
