David Tull attributes his success in starting Crestmark Bank to perseverance, risk-taking and a little bit of luck.
When Tull decided to launch his bank, he faced several obstacles, including the difficulty of obtaining a state charter. Regulators were skeptical of the potential of a bank exclusively focused on factoring and asset-based lending, specializing in lending to small businesses, start-ups and undercapitalized companies, but he ultimately prevailed, obtaining a state charter and FDIC protection. As such, Crestmark is held to the high standards of commercial banks while specializing in a niche that traditional banks tend to ignore.
As an entrepreneur, Tull, chairman and CEO of Crestmark Bank, says he empathizes with others who have a dream but are not financially equipped to develop that dream and cannot receive assistance from a traditional bank. He finds satisfaction in knowing that he and his talented staff can play a pivotal role in helping clients realize their goals and aspirations.
As Crestmark grows, Tull is continuing to work on adding a new business segment focusing on financing legal claims. He is also considering entering into a partnership with community banks in an effort to expand the bank’s clientele base and to expose community banks to a diverse group of clients.
Outside of the bank, Tull contributes to the community in other ways, as director of the Music Hall Center for Performing Arts and previously as director of the Detroit Historical Society.
HOW TO REACH: Crestmark Bank, (248) 267-1654 or www.crestmark.com