Client relationships leads to 51.8% YOY growth with middle market clients; expansion continues into Midwest
PITTSBURGH, September 06, 2022–(BUSINESS WIRE)–TriState Capital Bank’s fast-growing Equipment Finance division was named to the Monitor 100 as one of the top U.S. equipment finance companies. The bank’s 51.8% year-over-year total assets gained in 2021 landed TriState Capital at No. 95, a jump from No. 107 on last year’s Monitor 101+ list.
In just its fourth year, TriState Capital’s Equipment Finance grew its assets to $239.1 million in 2021 from $157.5 million in 2020. Tim Moriarity, executive vice president and manager of the equipment group, credits the success to building upon new and existing client relationships as well as a strong back-office team.
"We continue to provide value and to punch above our weight for the clients in the industries we deal with," said Moriarity, who built the equipment finance group from scratch in 2018. "Our team continues to keep clients happy by managing expectations and finding solutions during these competitive and uncertain times."
In addition to providing equipment leasing and financing solutions to middle market companies in its regional footprint of Pittsburgh, Philadelphia, New York City, Cleveland and North Jersey, the Equipment Finance division continues to expand into additional markets. Earlier this year, TriState Capital announced that vice president, relationship manager Tom Prendergast is developing new business and market growth in the Midwest with a focus on the Chicago area.
Companies and deals are centered on the ongoing acquisition of essential use equipment, primarily in the transportation, manufacturing and construction sectors. The division has grown its assets from $62.5 million in 2019, which was an increase from $18.1 million in its inaugural year, 2018.
"Our goal of growing our brand in equipment finance is fueled by our desire to provide meaningful financing solutions for meaningful clients," said TriState Capital Bank President and CEO Brian Fetterolf. "The internal cohesion created by Tim’s leadership empowered the team to strengthen our direct business volume over the past year even as the economy slowly emerged from the pandemic and capital equipment was scarce."
The Monitor 100 is published by MonitorDaily, a leading publication in the equipment finance industry. The list is an annual report of the largest equipment finance and leasing companies in the United States. More information about the Monitor 100 is available at monitor100.monitordaily.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220906005875/en/
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