Peggy Cummins has over 39 years of experience in commercial banking, with emphasis in Asset Based Lending and Workout. She began her career in 1982 at Comerica Bank in Detroit, Michigan and over her 23 years at that organization she held lending, credit and market management positions in asset based lending and middle market lending. In 2005, she moved to Citizens Republic Bank (now Huntington Bank) where she spent three years as a senior vice president managing a middle market lending group; in 2008, she assumed the role of SVP Special Assets to manage a team of nine commercial workout bankers to assist the Bank in exiting over $1 billion of distressed commercial credits. In July 2015, Peggy joined a group of former Citizens Republic Bank colleagues to create a specialty finance unit—WNB Specialty Finance, based in Novi, Michigan, a division of Woodforest National Bank. Peggy held the position of Senior Managing Director/Senior Credit Officer and was responsible for developing policies and procedures for the various specialty finance business lines (asset based lending, leveraged lending, and equipment finance), managing the underwriting process and credit approval, regulatory examinations and reporting, and workout functions of the division. The business unit grew to $550 million of loans outstanding as of 12/31/18; in February 2019 the division was sold at a gain for the Bank.
Following the sale, Peggy retired from the banking industry and formed Four C’s Advisors, LLC to provide financial advisory services to banks and distressed companies. Through Four C’s Advisors, Peggy has worked on various contracts including serving as financial advisor for the court-appointed receiver of a $125M automotive supplier. Peggy’s responsibilities included preparing all cash and projection models, communication with all secured creditors, overseeing the daily accounting and finance functions undertaken by the CFO and accounting staff, identifying and reviewing progress of auctioneers, and distribution of funds to secured creditors. Other contracts have included assisting financial institutions with credit training, structuring workout strategies, reviewing credit policy/ practices/procedures of specialty finance and workout divisions, and developing underwriting practices and manuals.
Peggy is a member of the Turnaround Management Association, a member of the International Women’s Insolvency and Restructuring Confederation (IWIRC), and a member of the Secured Finance Network. She also serves as Chair of the Board of Directors of Angela Hospice, a leading not-for-profit hospice care provider serving over 2,500 patients annually in Southeast Michigan.
Peggy received a Bachelor of Business Administration in Accounting in 1982 from the University of Michigan (Ann Arbor) and a Master of Business Administration in Finance and Management in 1993 from the University of Michigan (Ann Arbor).