McKay to Replace Ellison as Sheffield President

revolving doorSheffield Financial, a division of BB&T Corp., tapped Jeff McKay to serve as president, effective April 1, just shy of eight months after announcing Jeff Ellison will take the position.

Ellison will transition to a new role as loan administrator with the BB&T Commercial Real Estate and Commercial Credit Administration groups, according to a company press release.

Before Ellison, the position was held by Jack Snow, who continues to serve as Sheffield’s chief executive.

McKay joined BB&T in 1986, and has spent significant time as a subsidiary manager in the bank’s specialized lending department, giving him exposure to a number of BB&T’s specialized finance companies.

McKay held multiple leadership positions in corporate loan administration, commercial real estate owned sales, and specialized lending, according to the release.

Sheffield Financial’s loan originations grew 12.1% year over year in the fourth quarter, from the same time a year prior, according to the company’s earnings. BB&T Corp. consistently sees seasonally strong loan growth in its specialized lending segment, which includes powersports finance, said Kelly King, the bank’s chairman and chief executive, during the call.

Clemmons, N.C.-based Sheffield Financial provides retail financing options in all 50 states for more than 250 manufacturers of outdoor power equipment, trailers, and powersports vehicles — such as off-road vehicles, snowmobiles, motorcycles, and personal watercraft. The lender services about 14,000 powersports dealers and 750,000 end users, according to Snow.

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