Peoples Bank is renewing its roots in the energy sector. The company announced recently it has established a new department focused exclusively on providing financial services to upstream (exploration/production) and midstream (transportation/storage/ marketing) energy companies.
Financing the energy industry is not new to the bank. In 1902, a group of oilmen needed loans for expansion. Back then, oil was risky business and loans were difficult to come by. Because they couldn't come up with necessary capital with established banks, this group created their own bank - The Peoples Banking and Trust Company. That action was the start of a relationship between Peoples and the energy market that's lasted for well over a century.
Milton Haynes, Peoples Bank Vice President Energy, is leading the newly established department. A dedicated specialist, Haynes is focusing on reserve-based lending, commercial and equipment finance, working capital, treasury management, and investment and insurance services for oil and gas companies.
"Milt is the perfect fit to renew the company's focus on financial solutions for the energy sector," said Daniel McGill, Peoples Bank Executive Vice President, Chief Commercial Banking Officer. "We're excited to have him help take us back to our roots and usher in a new era for Peoples Bank."
Haynes joined Peoples Bank in 2011 as Vice President of Special Assets. He has more than 20 years of banking and industry experience. Prior to working with Peoples Bank, Haynes served as a vice president, senior banker, and portfolio manager for energy groups and financial institutions throughout Ohio. Over the years, he has managed the financing of a multitude of oil and gas projects throughout the continental United States.
"There are few banks, this side of the Mississippi, that can serve the energy sector like Peoples Bank," Haynes said. "For a bank to specialize in upstream and midstream energy businesses is very rare. Most banks are strictly focused on working with landowners and leasing royalties. While we work with landowners and leasing royalties, we go beyond that and serve companies as a whole. We're approaching the energy industry much like we did 110 years ago ? we're working to build success with companies and communities."
Haynes continued, "I'm honored to build upon the legacy Peoples Bank has established and play an integral role in leading the company's energy focus."
In addition to his banking career, Haynes spent five years with an oil and gas production company, and two years as a private industry consultant. He is a member of the Ohio Oil & Gas Association, the Society of Petroleum Engineers, and is a graduate of Marietta College.