Bridgeport-based People’s United Bank announced Thursday that it’s getting into the aviation business, with a new loan and lease financing division for jets, turboprops and helicopters.
The new Business Aviation segment, which will operate under the bank’s People’s Capital and Leasing Corp. (PCLC) unit, will be headed by two recent hires Bob Sommers and Jim Pulie, who have been named vice president of sales.
Founded in 2007, PCLC has a $1.4 billion portfolio and currently specializes in the packaging, printing, transportation and healthcare industries.
The expansion will target large and mid-sized owners and operators of business aircraft, including jets, turboprops and helicopters. Â
Sommers will be responsible for developing PCLC’s national business aircraft financing segment, specializing in fixed wing aviation assets via loan and lease structures for corporate and business owners.
Sommers has more than 26 years of aviation finance experience. Prior to joining PCLC, he held positions with TD Equipment Finance, Wachovia Equipment Finance and CIT Group Inc.
Pulie will develop PCLC’s helicopter segment and regional fixed wing business, specializing in providing loan and lease financing solutions to owners and operators. Pulie has more than 20 years of aviation finance experience.
Prior to PCLC, Pulie held positions with Webster Capital Finance, CIT Group Inc., Debis Financial Services and United Technologies Corporation’s Pratt & Whitney and Sikorsky Aircraft subsidiaries.Â
