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157% YOY growth in division’s third year highlights groups’ success with middle-market clients and syndication partners
PITTSBURGH–(BUSINESS WIRE)– For the second year in a row, TriState Capital Bank was named to the Monitor 101+ list for the bank’s fast-growing Equipment Finance division. The bank’s 157% year-over-year total assets gained landed TriState Capital position No. 107 on the list, improving its No. 115 position on Monitor’s inaugural list last year.
In just its third year, TriState’s Equipment Finance grew its assets from $62.5 million in 2019 to $157.5 million in 2020. In a two-year snapshot, the division has grown assets from $18.1 million in 2018.
Starting the equipment finance group from scratch, Senior Vice President of Equipment Finance and Manager Tim Moriarity and his team have a niche target: middle-market companies and deals focused on the ongoing acquisition of essential use equipment, primarily in the transportation, manufacturing and construction sectors. The Equipment Finance division has grown to seven people, and it recorded $104.4 million in new business in 2020.
“Our equipment finance business growth is thanks to our dedicated team providing direct equipment leasing and finance products to middle-market companies within each TriState Capital region,” says TriState Capital Bank President and CEO Brian Fetterolf. “We complement our direct-to-market model with larger syndication opportunities through our cultivated group of bank partners.”
TriState Capital Equipment Finance provides equipment leasing and financing solutions directly to middle-market companies within its regional footprint of Pittsburgh, Philadelphia, New York City, Cleveland and North Jersey. TriState Capital partners with clients on the ongoing acquisitions of essential-use equipment.
“Over the past three years, TriState Capital’s Equipment Finance team has continued to provide clients with an array of tailored financing options for any capital equipment needs they have,” says Moriarity. “With our team’s experience and the bank’s support, we’re a leader in the equipment finance space for companies across various industries.”
The Monitor 101+ is published by Monitordaily, a leading publication in the equipment finance industry. The list is an extension of the Monitor 100, an annual report of the largest equipment finance and leasing companies in the United States. More information about the Monitor 101+ is available at Magazine.MonitorDaily.com.
ABOUT TRISTATE CAPITAL
TriState Capital Holdings, Inc. (Nasdaq: TSC) is a bank holding company headquartered in Pittsburgh, PA, providing commercial banking, private banking and investment management services to middle-market companies, institutional clients and high-net-worth individuals. Its TriState Capital Bank subsidiary had $11.46 billion in assets as of June 30, 2021, and serves middle-market commercial customers through regional representative offices in Pittsburgh, Philadelphia, Cleveland, Edison, N.J., and New York City, as well as high-net-worth individuals nationwide through its national referral network of financial intermediaries. Its Chartwell Investment Partners subsidiary had $11.51 billion in assets under management as of June 30, 2021, and serves institutional clients and TriState Capital’s financial intermediary network. For more information, please visit http://investors.tristatecapitalbank.com.
View source version on businesswire.com:
267-932-8760, ext. 302
Jeff Schoenborn and Kate Croft
Source: TriState Capital Holdings, Inc.