Essential Use Equipment

by Grace A. Garwood Sept/Oct 2020
Under Tim Moriarity’s leadership, TriState Capital Bank Equipment Finance has utilized a direct business model and well-defined niche to differentiate itself and yield impressive growth in the first two years of operation.

Tim Moriarity,
SVP, Manager,
TriState Capital Bank Equipment Finance

Tim Moriarity is “second generation” in the equipment finance business, following in his father’s footsteps, but his path has been strategic. Always on the marketing side in direct sales, sales management and vendor development, Moriarity worked with senior industry veterans in a variety of different functions before joining TriState Capital Bank Equipment Finance. “I’ve touched almost every side of the market,” Moriarity says. “And our industry is divided into different niches, whether it be syndication or vendor direct, so I’ve been very fortunate to see each one up close.”

In June of 2018, TriState launched an equipment finance group and brought Moriarity on board to lead the business. The bank allowed him to assemble his skills and do what he really wanted to do, which is “build a smart business model and allow entrepreneurs like me to succeed and bring value to the clients.”

TriState targets middle market deals directly and partners with companies on the ongoing acquisition of essential use equipment. “Our industry is quite niche driven,” Moriarity says. “Transportation, manufacturing and construction are probably the three mainstays that we would deem as essential use equipment in those spaces.”

As a newly established business in a competitive market, TriState’s incredible growth is due to its nimble credit policy and well-defined niche, according to Moriarity. “We can’t be everything to everybody,” Moriarity says. “Part of that volume has been the opportunities that we’ve had with some of our bank partners on the syndication market and the people that we trust in the business.”

TriState is also thriving on a direct business model, which reflects the bank’s mandate of “grow your business with people you know.” Moriarity believes that having the ability to talk to clients directly is a notable area where the bank differentiates itself. “It’s easier said than done, but I think on a direct middle market model that is where you probably have the most success for the business we want to do.”

TriState has performed fairly well throughout COVID-19, which is also a credit to its direct business model. “We’ve been very proactive in talking with our clients, getting in front of the curve, if you will,” Moriarity says. “From a standpoint of communication, I think that’s been the key to what we do.”

A vital lesson the TriState team learned while growing through the pandemic was to be sincere with clients and the equipment it lends. “I kept using the term essential use equipment,” Moriarity says. “It’s an ironic term because it’s all over the news now, essential use and essential employees. That’s a big part of this too. If we don’t deviate from our model, I think we’ll be in great shape.”

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