Finance N Illinois

SomerCor welcomes new VP, celebrates four key promotions

SomerCor welcomes new VP, celebrates four key promotions,ph1
Michael Utterback
SomerCor

Chicago-based SomerCor, a Small Business Administration (SBA) Certified Development Company (CDC), has hired Michael Utterback as vice president, loan origination. In addition, the firm promoted Savannah Allen to economic development coordinator, Debra Morack to senior vice president and managing director of closing, David Sommers to executive vice president and chief credit officer and Anastasia Williams to vice president, 7(a) community advantage loan program.

In his new role, Utterback will be responsible for business development and origination of SBA 504 loans. Utterback brings 30 years of banking experience, including lending, loan servicing and credit analysis. Most recently, Utterback served various real estate clients as a consultant to deliver financial analysis services and source bank refinancing. Previously, Utterback was vice president, community real estate at First Midwest Bank; vice president, commercial lending at LaPorte Savings Bank and vice president, special assets at BMO Harris Bank. Earlier in his career, Utterback also held positions at LaSalle Bank, Bank of America and First National Bank of Illinois.

“Mike’s experience across commercial banking, community development, special assets and SBA lending will positively impact SomerCor’s SBA loan programs on day one,” said Manny Flores, president and CEO, SomerCor. “His proven client relationship development skills and banking experience will allow Mike to be a resource for small business owners seeking capital and our lender partners in providing quality service.”

Sommers (previously director of servicing) has been promoted to executive vice president and chief credit officer, while Morack (previously vice president of closing) has been promoted to senior vice president, managing director of closing. Both Sommers and Morack will serve on the executive management team. Sommers is being elevated after successful leadership stints in the SomerCor credit and servicing groups and also serving as acting executive director during the 2018 search for a permanent president and CEO. Morack has more than 25 years of SBA 504 loan closing experience. Prior to joining SomerCor in 2008, she served as a closing officer at Colorado Lending Source, a large Colorado SBA lender.

In the SomerCor economic development department, Williams has been promoted to vice president, SBA 7(a) community advantage loan program. She will continue her work on the program in an enhanced leadership role. Meanwhile, Allen has also been promoted to economic development coordinator from intern. Her previous experience includes work with the Ballard County Economic Development Corporation in Kentucky.

“As we seek to grow our impact, SomerCor must be in a position to provide best-in-class service to businesses seeking capital and be a go-to resource for our lending and economic development partners. I am pleased we have such talented and dedicated team members as David, Debra, Anastasia and Savannah,” said Flores. “Quality service translates into more access to capital for entrepreneurs and better outcomes for our lending and economic development partners.”