Through the Lender’s Lens: Inside DealMAX with Christine Nowaczyk and Jalal Taby

What’s ahead for the lending world in the year ahead, and how does that play into why lenders come to DealMAX? In our fifth Inside DealMAX episode of 2026, we’re joined by Christine Nowaczyk, SVP at U.S. Bank, and Jalal Taby, SVP at Comerica Bank—both veteran lenders and DealMAX attendees—to talk about their lending outlook for 2026 and how they get the most out of DealMAX.

Register today at dealmax.org. This episode is brought to you by Grata. Learn more at grata.com. Read a transcript of the podcast below.

Middle Market Growth: Welcome to Middle Market Growth Conversations, an ACG production. I’m Carolyn Vallejo. We’re back with another episode of our Inside DealMAX series, where we’re going behind the scenes with guests involved in ACG’s flagship conference for the middle market, taking place April 27-29 at the ARIA in Las Vegas. Throughout this series, we’ll be exploring M&A trends, what you can expect on the ground at DealMAX, and networking tips from dealmakers and industry experts who will be there right when the doors open. Today we’re sitting down with Christine Novaczyk, SVP at U.S. Bank, and Jalal Taby, SVP at Comerica Bank, to chat about their lending outlook for 2026 and why lenders go to DealMAX. Christine and Jalal, welcome to the podcast.

Jalal Taby: Thanks.

Christine Novaczyk: Thank you. Happy to be here with you.

MMG: Christine, let’s talk a little bit more about your current role at U.S. Bank. Can you give us a little bit of insight there?

CN: Yes, thanks, Carolyn. And I just want to say how great it is to be with both you and Jalal today. You two have both have been wonderful ambassadors for ACG and I feel really lucky to be here with you today. So I am currently a senior vice president and senior private wealth advisor at U.S. Bank. I am based in Scottsdale, Arizona, with clients throughout the region. And in my role, I have the privilege of working with successful families and high net worth individuals such as business owners, corporate executives, board leaders, and a host full of other terrific clients. And we work with folks in a handful of different areas, lending and banking services, fiduciary investment management, wealth strategies, including trust and planning services. And I come to this role with a really different background, which is why I am on the call today. I’m a 30-year corporate lending executive, both in kind of the mid-corp or middle-market space. And I think that brings a unique perspective to my current role. And at U.S. Bank, I’m afforded this great opportunity to really be an ambassador for the overall organization. So I have the opportunity to partner with our many different lending groups throughout the organization as a referral source and a trusted advisor. And I also have the opportunity to work with our corporate trust team who are active supporters of ACG. So that’s a little bit about me.

MMG: Excellent. And we’re so lucky to have you on the podcast here. You both are cornerstones here in ACG and you both are DealMAX veterans. So I’m excited to speak with you both. Jalal, what about you? What do you focus on at Comerica?

JT: First of all, that’s very kind of you to say that. It’s always great to speak with you and my friend Christine, and we’ve known each other for a very, very long time. So, what I do, I’m based in Los Angeles and currently with Comerica Bank, whom recently was acquired by Fifth Third Bank, creating the ninth largest commercial bank in the country. We are very excited about that. In my day role I manage a team of middle-market bankers and we spend most of our time working with middle-market owners and private equity sponsors as they think about growth, liquidity, transition, including M&A. So in short, we are in business of helping our clients achieve their financial goals. And a lot of the clients that we manage here in this office that I manage are in the consumer industry. Mostly food and beverage, apparel, anything having to do with the consumer. So it’s been an interesting 12 months, I’d say, especially with the tariff impact that started last year. We’ve seen a lot of action in this space, so it’s been fun and what’s make made it more fun is the acquisition by Fifth Third. So we’re really excited about that.

MMG: Excellent. Definitely. It has been an interesting, active, exciting last 12 months and we’re excited for the next 12 months ahead of course, as well. Just for a little bit of fun, before we get into some of the topics we want to talk about today, I want to ask both of you if you have a travel or a conference hack that you could share with us. Christine, let’s start with you.

CN: Okay. Well, I’ve got kind of my old veteran hacks of, you know, take everything in moderation at a conference like DealMAX and hydrate, hydrate, hydrate. But one of the things that I really enjoy doing is to wear something that is distinctive, yet still professional. DealMAX can be a sea of dark sport coats, blue and black. So I encourage you to take a little risk and wear something distinctive that might make you stand out a little bit. Whether it be a fun color, maybe a cool pocket square, some hip shoes or fun socks, something that makes you a bit memorable. So when you have a conversation with somebody, they could say, you remember Jalal, he was that sharp-dressed guy, had that cool little vibe going. I think that is something that’s really fun. And I’ve seen the dress morph more towards that at DealMAX over the past few years than what we’ve seen in the past. And then my last word of advice is to have a really dialed-in elevator pitch. You may get just a couple of seconds with someone or, you know, meet them in passing. So make sure that the message you want to convey is really tight, and I think you’ll go a long way.

MMG: I love that. People, attendees at DealMAX are going to be meeting so many people. I mean, that’s the point. We create this atmosphere to facilitate introductions and connections and it’s important to be memorable in some way. So a really tight elevator pitch and wear something memorable. I, I think that’s great. Jalal, what about you? What’s your travel or your conference hack?

JT: So, I have a couple for you. First, I couldn’t agree more with Christine that wearing something comfortable is critical. There’s a lot of walking and two tips. I would suggest, one, especially for DealMAX, I would suggest staying in the same hotel as a conference. So book your rooms early, a lot of action happens just walking through the hotel, you run into people that you know, and you start conversations. So I know some people may wait last minute, they may not book at the same hotel, but it adds a lot of value if you’re staying at the same hotel. So there’s more connectivity there. And the second would be there are a number of events that happen around DealMAX. So if you compare notes with your other friends in the community, so you’re better organized around not just what’s happening within DealMAX, but also what’s happening outside DealMAX. So preparation is another tip I’d recommend.

MMG: Yeah, both great tips as well. And, you know, to stay at the ARIA, who can complain, it’s a gorgeous hotel.

JT: Exactly.

CN: It’s a great property and they’ve been kind to us at ACG, so I agree with everything Jalal said.

MMG: Exactly, exactly. All right, well, let’s dive right in. Jalal, I’m going to start with you. Could you share a little bit with us about your history and your involvement with DealMAX and ACG?

JT: Of course. So, Carolyn, what’s interesting is I’ve witnessed DealMAX evolve from just a great conference into truly a marketplace for middle-market relationships and dealmaking. And my relationship with ACG is special. A lot of success I enjoyed in my professional career as a commercial banker, honestly, is attributed to my involvement with ACG. So I’ve been involved with ACG for about two decades now, particularly the Los Angeles chapter. That’s where I’m based. And I remember going to my first event and I was a little overwhelmed being in a room with hundreds of people that seemed like everybody knew everybody else, and I’m the new person there. So I was a little intimidated, but I quickly noticed that this is exactly the caliber of people I want to be associated with and my funny ACG story is the next day, literally the next day after that, my first event, I downloaded the events of the following 12 months for ACG LA events. And I went to every single one for about probably two years back to back until to the point where I got my brand out there. I had a lot of, I have a lot of friends, I raised my hand, I started volunteering, I joined committees, and it gave me a path to being on the ACG LA board. And yeah, I mean, so excited about the upcoming DealMAX, and it’s an unbelievable experience.

MMG: Absolutely. Christine, same question. Tell us about your story with ACG and DealMAX.

CN: Yeah, thanks, Carolyn. Very similar to Jalal in that I’ve been involved with the organization for a long time. When I relocated to Arizona 27 years ago from my home state of Michigan, ACG was the first place I was directed to. And the local chapter was where all of the business leaders in town went. You would convene once a month. That’s where I met tremendous professional contacts and really started to build out my Rolodex of people in the middle-market space. So, as a banking leader, as a lender, that was where you wanted to go to meet all of the different players. And it was a place that really helped me forge and build my reputation. And it was something I’m so glad that I did. And from there, I really started to get involved. I served on the local committee in Arizona, eventually became on, joined the board of directors of ACG Arizona, chaired the board. I now hold the title I think of president emeritus, meaning I’m long in the tooth at ACG Arizona. But I took it a bit further. I joined a national committee centered around educating college students on the importance of business acumen and M&A as part of the ACG Cup. I was then invited to join the global board of directors, and I held that role for several years and then had just the real unique opportunity and great privilege of being named as chairman elect and eventually chairman of the global board of directors, something I would’ve never dreamed of 27 years ago. And in that role, I had the opportunity tto learn about and help grow the broader ACG landscape. And something that I wanted to mention here, you know, Carolyn, is I encourage all of the local ACG members to take a look at the impact that ACG has across the nation. And we were in pockets and in Europe and in Canada, the reach is so tremendous. And being on the global board really opened my eyes to the impact this wonderful organization has and the connectivity that it builds. As chairman of the board, I had the opportunity to work very closely with incredibly engaged, talented, smart, smart, smart professionals that care a lot about growing the middle market, helping their clients, helping invest capital. And I was just blown away by the opportunity. So, I would say that my ACG career really culminated as a global chairman. And now I’m here to enjoy and support all of the emerging professionals and some of the women’s groups that are coming up in the organization. And I’m really proud to be an ambassador for ACG.

JT: Christine is an ACG icon and mentor to a lot of people. So anyone who is passionate or interested in participating, both Christine and I can be an absolute resource to help mentor kind of the next generation of ACG.

CN: Jalal, I agree with that tremendously. Absolutely.

MMG: The two of you specifically, I know when I go on the DealMAX floor and when so many people go on the DealMAX floor, your faces are some of the first faces that people look for because not only, you know, you’re quite familiar, friendly faces, but you are wonderful resources for so many people. And I think the two of you also exemplify how many opportunities there are to get involved in so many different ways through ACG. Well, today we’re here to talk about, of course, all things DealMAX, but specifically what the DealMAX experience is like for lenders. So let’s talk a little bit about that. I want to first discuss, you know, some of the trends in the lending outlook that you two are watching in these first few months of 2026. Jalal, let’s start with you. What trends are you watching?

JT: Sure. So, from commercial banking standpoint, as a senior lender, the biggest trend to watch for us in the M&A lending space is that private credit has moved from being an alternative option, so to speak, to a core financing option for M&A deals. So, it was not as a robust as it is right now. So in a good way though, banks are partnering with private credit, not just competing heads on, so via club deals, a PL structure plus private credit stacks or referral partnerships. So it’s an area to watch, and this is the biggest trend for me, honestly, when I now go to DealMAX.

MMG: Absolutely. Christine, what about you? What are some of the trends that you’re seeing in the lending space?

CN: Yeah, thank you. Jalal is so smart. He stole, you know, some of my thunder there. I couldn’t agree more. The role for commercial banks has changed in that, you know, private credit is a new game in town and very robust. You know, a couple of things that we are watching, for one, I’m excited for what I’ll call new money M&A loan volume. There has been a tremendous amount of refinance over the years, and I’m confident that given how well middle-market private companies have performed over the years, given the rate cuts in 2025 and the anticipated rate cuts coming in 2026, M&A activity for new money is going to pick up. And to me that’s really exciting. I think some of the trends to watch really have to have to do with visibility and clarity. You know, now that we’ve got a favorable rate environment, I think we as lenders are really looking for strong visible cash flow and a credit structure that is built around durable customers, kind of those recurring revenue margins that are somewhat predictable. And once we get some of that nailed down, I see the lending market being very attractive. Again, we always want to invest in growth and in creating value. And I see 2026 being a year for that.

MMG: In that context, you know, a year for elevated M&A volume opportunities for banks and private credit to collaborate and partner with each other, I mean, DealMAX can be a really opportunistic landscape for the lending community, I imagine. So I want to ask each of you why you come to DealMAX and what you’re looking to get out of the conference this year. Christine, let’s start with you first.

CN: Yeah. Carolyn, you nailed it on the head. We are looking for opportunities to invest and lend in great middle-market companies. Our organization in particular has a very strong corporate trust presence. And so corporate trust plays an integral role in M&A transactions. That’s another opportunity for us. And what you can expect is just to be on the list of opportunities when a transaction is going to be happening. I want to be on the shortlist. I want to have an opportunity to partner with another lender or an opportunity to do the deal myself. And if it’s not a fit for my organization, a lot of times commercial banks can play another role and becoming the working capital provider, the treasury provider, some of those other outside opportunities are a great fit for organizations such as ours. The other thing that I look for is the ability to build out my partner network with tremendous transaction attorneys, CPAs, and other M&A partners that are going to be at the conference.

MMG: Jalal, what about you? What are you looking to get out of the conference this year?

JT: So, on similar lines, totally agree with Christine on the points she mentioned. I mean, first it’s important to note that DealMAX has grown to be the largest M&A conference in a country, where thousands of people come there. So, for me specifically, DealMAX helps me not just understand kind of where deals are happening, but how people are thinking about risk and appetite. That gives us an early indication. So kind of going to DealMAX, like Christine and I would go there, we listen first to the conversation tell us where the market is headed. So we try to catch early shifts before they show up in our data and something Christine mentioned, which is to compare notes with our peers. So you have, you go to one marketplace, thousands of people there in the community. It’s a great platform to get all that information.

MMG: Is there any event or feature that you’re particularly looking forward to at DealMAX this year as part of the lending community? Christine, let’s start with you again.

CN: First of all, the agenda is out there. If you’ve not looked at the agenda online, please do so and start planning your time at DealMAX. Monday afternoon has some tremendous content. I’m sure Jalal and I will be at the, the private credit segment just to find out what’s happening in that space and how it, how it pertains to our approach as the commercial lenders. There is also a segment that I’m particularly interested in around creative exits—as part of the bank’s wealth team, wealth strategies, liquidity events are top of mind for us. I’ll be at that one. And then on Tuesday, there’s a general middle-market trend segment that always proves to be helpful. I’m curious to get other people’s view on what they’re seeing in the marketplace, opportunities that I may be missing. And so understanding those trends will be really important. And then I really do enjoy the general lunch sessions. ACG spends a lot of time to bring in thoughtful and relevant keynote speakers. I like hearing from those professionals. And then, you know, a couple of the receptions, there’s an opening reception, which is just a great way to, to kick back and relax after a pretty strenuous day of meetings and connections.

MMG: Okay. It’s going to be a busy few days, lots of programming, opportunities to relax. That’s wonderful. How about you, Jalal? What are you looking forward to most?

JT: I’ll share two. One sort of intangible, one tangible. The intangible to me, the real value when you talk about features, what have you, the real value often shows up in between sessions, right? You go from one session to the other and you’re walking and you run to someone you haven’t seen in a few months in a year. Rekindle relationships because out of sight, out of mind. So to me, those in between sessions, walking at the conference, there’s a lot of value there. But in terms of what’s tangible, a feature that I like about DealMAX is the scheduling software. ACG has invested a lot in technology to make it as easy as possible for participants within DealMAX, to find the right person for them to connect with, request a meeting, schedule a meeting, and find the right place in a convenient manner to connect with the person you’re trying to connect with. So to me, the scheduling software is an unbelievable tool within DealMAX.

MMG: And Jalal, you’re of course talking about ACG Access, which yes, has become an invaluable tool for dealmakers and attendees. Now, ACG’s CEO, Brent Baxter, says often that ACG’s value lies in facilitating more valuable connections. So, as extremely plugged in ACG veterans, what are your tips or strategies that you can share for how to make those connections? Jalal, let’s start with you.

JT: I would say go with a clear goal in mind, right? You need to know sort of your destination when you go to a conference like this and what you’re trying to accomplish. So have that clear goal in mind. Me, I would recommend fewer but better conversations. This is not a race, whos’ going to collect the largest number of business cards? But it’s about finding those connections where you can have thoughtful and, and better conversations. And then the last thing I’d say is follow up quickly and thoughtfully. We sometimes collect business cards, and if you don’t follow up, that’s a missed opportunity for a potential relationship or business opportunity down the line.

MMG: Christine, how about you?

CN: Yeah, I agree wholeheartedly with that. I was going to say prepare in advance. So we’d already talked about ACG Access, the tremendous scheduling software. Use the time ahead of the conference to cull the attendee list, schedule the meetings that make sense for you and your company. And then when you are there in terms of making connections, it is a very, very cordial, friendly environment. Take a step back, get to know a handful of people. Personally, I think not only is that rewarding for future referrals and for your business purposes, but it’s just fun. Some of my best professional friends over almost 30 years have come from ACG. And so take the time to get to know people personally. It’s very rewarding. And then also, I always take the approach to find out how you can be of service to someone. If, if you run into to a connection there may not be an immediate opportunity at hand for you, but you know that as a good fit for someone else or, or they want to meet someone else that you know, do the altruistic thing and make that connection. And I promise you that you’ll be rewarded for that down the road. I always feel that that level of service and support comes back to you in spades.

MMG: Absolutely. Now, to round out our conversation, you both have offered so much insight into why DealMAX is the place to be, why it’s so valuable for middle-market dealmakers. But if you had to convince someone, for example, someone part of the lending community who was may be still on the fence about going to DealMAX this year, what would you tell them? Christine, let’s start with you.

CN: Yeah, I would say go, because DealMAX is one of the most efficient and best ways to utilize your time. You’ll make more connections, take more meetings in the couple of days that you are there than you would calling on your own outside of the conference. Really, it is such a tremendous value. And I think Jalal used the term earlier, it is a marketplace. It is an ecosystem where all of your counterparts from across the country will be. So do it because it’s a tremendous value of time and money.

MMG: Jalal, what about you?

JT: I mean, this is spot on. And in short, our business revolves around referrals, right? So middle-market lending is about relationships, it’s relationship driven. So DealMAX gives you the opportunity to, to compress months of meetings in a day, thousands of people there nationwide. So what I would say to people who are on the fence is you will fall behind if you’re not present there.

CN: I agree. That’s great, Jalal.

JT: There you go.

MMG: There you go. Well, Christine and Jalal, thank you so much for joining us on the podcast. Two DealMAX veterans. We cannot wait to see you in Las Vegas.

JT: We’re excited.

CN: We’re excited. But thanks for all that you do, Carolyn, you are awesome.

JT: Thanks for having us. I couldn’t agree more.

MMG: Thank you so much. And for our listeners out there, if you would like to join us at DealMAX this year, you can learn more at dealmax.org.

This transcript was prepared by a transcription service. This version may not be in its final form and may be updated.

The Middle Market Growth Conversations podcast is produced by the Association for Corporate Growth. To hear more interviews with middle-market influencers, subscribe to the Middle Market Growth Conversations podcast on Apple Podcasts, Spotify and Soundcloud.[/vc_column_text][/vc_column][/vc_row]