Blockbuster Performance

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Blockbuster Performance
Who's Who in Banking: Jeff Colvin

The Business Journal turns the spotlight on local bankers who lend the money to keep Hollywood rolling.

Comerica isn’t exactly a big name in L.A.’s banking industry, but in Hollywood, it’s another story. And Jeff Colvin is a big reason why.

For the past decade, Colvin has run Comerica Bank’s entertainment group, a leading lender to the film industry that has bankrolled countless blockbusters.

“We’ve probably financed 600 films over the years,” said Colvin. “We’ve financed the ‘Twilight’ series, the first ‘Iron Man.’ We (recently) had ‘Sanctum’ come out; ‘Mechanic’ the week before.”

Comerica provides single-picture loans, which constitute about one-third of its portfolio, and credit facilities for its clients, which include Summit Entertainment, Weinstein Co. and others. Colvin said a typical single-film loan for Comerica is around $25 million, but it has syndicated loans with other banks for more than $100 million.

The process usually begins with sales agents who negotiate foreign distribution rights for yet-to-be-released films. The bank will determine the value of those contracts as well as expected additional distribution deals when deciding whether to lend to the project.

But that’s not all Colvin is looking at. He also considers whether the creative side of the project – cast, genre, etc. – will potentially resonate with ticket buyers.

“We’re looking to see that the elements are all marketable,” he said, noting that genres, in particular, can sway his decision. For instance, comedies, period pictures and sports-themed movies can be tough sells overseas, so Colvin will be a bit more cautious with those films.

One thing he doesn’t do, however, is listen to unsolicited pitches – but many aspiring filmmakers still haven’t gotten the message.

“We on a daily basis get people calling in wanting to pitch their idea, which really isn’t what we’re evaluating,” he said. “Someone hears that we’re a bank that finances movies so people will call up every day and say I want to talk to someone about my idea.”

Colvin has been honing his skills in the industry for the past two decades. Not long after graduating from Boston University, the native Angeleno returned home in the early 1990s and soon joined Imperial Bank, where he handled entertainment financing. Imperial was acquired by Comerica in 2001.

“I grew up in L.A., so I’ve always been exposed to the film industry,” he said. “I’ve always been very interested in it, but more from a business perspective.”

Colvin may be a bigwig these days on the business side of filmmaking, but he’s not exactly an A-lister when the bright lights are on.

“We go to premieres and are ushered in the back door usually,” he said. “No red carpets for us.”

Jeff Colvin, 43

Senior vice president, manager of the entertainment group Comerica Bank, Century City

Residence: Los Angeles

Education: B.S., finance, Boston University

Years in Industry: 21

Notable Films Financed: “Twilight” series, “Iron Man,” “Sanctum”

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