Stearns Bank N.A. Announces New Division: Stearns Healthcare Finance

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May 12, 2010, 10:38 ET

TIGARD, Ore., May 12 /PRNewswire/ -- Norman C. Skalicky, Chairman and CEO of Stearns Bank N.A., a commercial bank based in St. Cloud, Minnesota, with approximately $1.4 billion in assets, has announced the creation of a new specialty lending division, Stearns Healthcare Finance. The new division will be based in Portland, Oregon, and managed by Jennifer Sheasgreen, a 15-year veteran in the healthcare asset based lending industry, having served in executive positions with GMAC and as a senior member of management at Marquette Healthcare Finance.

Stearns Healthcare Finance provides asset-based lending products to healthcare organizations across the country, including hospitals, nursing homes, home healthcare facilities and long-term care facilities with financing needs from $1 million to $10 million. Stearns Healthcare Finance will primarily provide revolving lines of credit secured by accounts receivable, but will also provide term loans and real estate loans to high quality borrowers. Healthcare equipment finance and lease options will also be available.

Along with Ms. Sheasgreen, Stearns Healthcare Finance was co-founded by Jonathan Kott and Edward Kauffman, who worked with Ms. Sheasgreen at Marquette Healthcare Finance.

Stearns Bank N.A. was established in 1912, under current ownership since 1964 with banking locations in Minnesota, Arizona, Georgia, and Florida. www.stearnsbank.com Member FDIC.