Jumping to No. 95 this year from No. 107 on last year’s Monitor 101 list, Tim Moriarity of TriState Capital Bank Equipment Finance says the name of the game is client relationships and a strong back-office team that carried the company through unprecedented and unexpected times.
TriState Capital Bank Equipment Finance, featured in last year’s Monitor 101 at No. 107, catapulted itself onto the Monitor 100 list this year at No. 95.
Tim Moriarity, executive vice president and manager of the equipment group, chalks up the company’s year of rampant success to several factors, with the goal of continuous growth being a large contributor.
TriState faced a unique set of challenges in 2021. Through a combination of inward focus to generate a stronger direct business volume (versus relying on its syndication business) and a management takeover of a solar lease portfolio, Moriarity says the other key to the company’s success in 2021 was making client relationships paramount.
Building upon new and existing client relationships paid off for Moriarity’s team, as the economy slowly emerged from the pandemic and capital equipment was scarce — either through delays, supply chain issues or other reasons. Expectation management played a big part in keeping clients happy, and with interest rates yet to be on the rise at that point in time, competition to keep clients was steep.
Julie Hoffman, senior vice president of operations, and her back-office team, stupendously navigated the brunt of those relationship challenges, according to Moriarity.
The challenge of building and keeping customer relationships through stiff competition and uncertain times also turned out to be an ongoing solution for the company as it is now set up to grow alongside long-lasting customers as the economy heads into what could be a recession.
A prime example is a recently assembled large lease transaction with a formidable manufacturer in which Moriarity’s team combined a variety of assets, including manufacturing, transportation assets and construction, to create a lease and perform a sale-leaseback.
The sale-leaseback provided the client with cash flow and the capital it needed at the time and highlighted the internal cohesion of the TriState’s equipment finance group. Staying in touch and maintaining consistent, direct communication with the client through the ups and downs of the past year has transformed the manufacturer into one of TriState’s larger clients.
While the equipment finance group is only four years old, it has been able to champion TriState’s culture and incorporate it into its direct sales and third-party partners, making it a driving force for the company’s growth.
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