ANAHEIM, Calif. — In conjunction with hiring a new senior vice president and team leader for its commercial banking group, Sunwest Bank revealed it's now offering rediscount lines of credit to indirect subprime auto lenders from its Anaheim, Calif., office.

Rediscount basically means the act of discounting a short-term negotiable debt instrument for a second time.

"Banks may rediscount these short-term debt securities to assist the movement of a market that has a high demand for loans. When there is low liquidity in the market, banks can generate cash by rediscounting short-term securities," according to Investopedia.com.

Taking on the position of senior vice president with the bank is Matt Rogers. Rogers will manage a team of lenders specializing in rediscount lines of credit for special finance companies, in addition to traditional commercial and industrial business lending.

He told SubPrime Auto Finance News that indirect subprime auto lenders will be a part of the pool the company is looking to work with.

"Matt's banking and leadership experience make him the perfect fit for this team leader role at Sunwest," said J. Chris Walk, Sunwest Bank president.

"With the strong organic growth the bank has experienced in deposits and business loans over the past several months, it is vital to our success to hire key executives like Matt in order to keep the bank performing at its highest level, and to ensure that our entrepreneurs and business owners receive the best service possible," he added.

Rogers' most recent experience was with 1st Heritage/Mutual of Omaha Bank in Newport Beach, Calif., where he was senior vice president and business development officer for commercial lending.

He also spent time with Textron Financial Corp., City National Bank and Imperial Bank, among other institutions.

"Sunwest is a stable and banking institution that not only weathered, but thrived, during the recent economic downturn," Rogers pointed out. "Being able to work for Sunwest at this time in its history is a wonderful opportunity, and I am looking forward to leading my team toward the bank's future growth."

Sunwest Bank has several branch offices in California, including in Tustin, Anaheim, Newport Beach, Laguna Hills, San Clemente, Encinitas, in addition to three branches in Flagstaff and one in Cottonwood, Ariz.

For more information, visit www.sunwestbank.com.