PacTrust Launches Equipment Leasing, Financing Program
PacTrust Bank said it has launched a new commercial equipment leasing and financing program that will include the acquisition of select portfolios of equipment leases and direct originations of leases through partnerships with a small group of “best in class” originators located throughout the United States.
David Normandin, PacTrust Bank’s new senior vice president of Commercial Leasing, stated, “PacTrust Bank’s Commercial Equipment Finance Group is committed to becoming the nation’s first choice in commercial equipment finance for small to mid-sized businesses focusing on ‘small ticket’ transactions of $250,000 or less. As of June 30, 2012, the small ticket leasing market represented approximately $328 billion in lease receivables, with business owners citing certainty of closing and speed as the most important drivers for their decision to select one provider over another. With PacTrust Bank’s new strong team of experienced lease finance professionals, and the use of PacTrust’s robust technology platform, the Commercial Equipment Finance Group intends to gain market share and add value to PacTrust Bank’s customers by offering an innovative choice of products and an exceptional level of personal service for the creditworthy customer.”
Greg Mitchell, chief executive officer of PacTrust Bank stated, “We are excited to welcome David and the whole Commercial Finance Equipment team to PacTrust Bank. We will continue to add great new services like small ticket equipment leasing as part of our strategy to become California’s “Bank of Choice.” We believe the future will be bright for America’s small businesses and we look forward to distinguishing ourselves against our competitors by providing small business owners with the kind of compelling products and timely decision making they need to grow and prosper.”
Normandin’s career in commercial equipment finance spans almost 20 years and has included experience in direct originations, sales management, training, organizational development, credit, funding and portfolio management. He was a founding member of Envision Capital and is joined at PacTrust Bank by a team of seasoned and successful industry veterans, including Chris Maudlin and Jaimie Haver.