New Century Bank, Phoenixville, Pa., which recently entered the warehouse lending arena, has named Glenn Hedde president of the new division. Mr. Hedde will be in charge of approving and monitoring lines of credit extended to non-depository mortgage banking firms. Previously, he served as regional director of Agree Capital in Flushing, N.Y., and before that senior vice president of Popular Warehouse Lending, Marlton, N.J. (PWL was a division of Banco Popular, San Juan, P.R.) New Century is managed by Jay Sidhu, former CEO of Sovereign Bancorp. As reported by National Mortgage News this summer, Mr. Sidhu made the strategic decision to have New Century enter warehouse lending.
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