President, Equipment Finance
First Citizens Bank
“Mike Jones is unwavering in both commitments to his clients and role leading the equipment finance division. While setting a standard for excellence, he has inspired countless individuals and has forged a team making remarkable contributions to the industry.” — Jim Hudak, President of Commercial Finance, First Citizens Bank
Mike Jones concludes every meeting with a phrase he learned in the military: “Proud to serve.” This mindset will undoubtedly be his legacy in the equipment finance industry and in his role as president of First Citizens Bank’s equipment finance division.
“It’s been ingrained in my soul from a very young age,” Jones says. During ranger training, Jones participated in a critical exercise, in which he was responsible for leading fellow rangers. “I remember my ranger instructor telling me that it was my responsibility to take the boots and socks off of my soldiers’ feet and powder them if they did not have the physical wherewithal to do so. It resonated from that time forward, that my number one responsibility was to take care of my people.”
Upon completing his military service, Jones was confident he would find a “civilian job” soon after. However, after sending out over 100 resumes and receiving 98 rejections — including one from his father-in-law — Jones realized the road ahead would be challenging.
Jones managed convenience stores, worked in a powder coating plant and became a partner at a collection agency. Finally, he found a sales position ad in the Philadelphia Inquirer for Business Capital Leasing. Despite having no experience, Jones was hired into the family-owned business, where he worked in sales and leadership roles through its acquisition by U.S. Bank.
BUILDING, GROWING AND MERGING IN EQUIPMENT FINANCE
In 2003, Jones received a call from Jim McGraine inviting him to join the equipment finance company he was building. With his colleague, Jim Acee, Jones eagerly joined McGraine to build US Express Leasing (USXL). The team funded their first deal just four months after opening, experiencing growth beyond expectations. Jones reflects on this period as his “MBA” in equipment finance, surrounded by brilliant colleagues who shared invaluable insights on leadership, securitization and operations. However, those 13 years were not without challenges, and Jones describes the period before the business closed as the lights flickering before finally going out.
Faced with uncertainty, the USXL leadership team recognized the need to scale down as the securitization market dried up. Knowing they needed to hold on long enough to be sold, Jones notified over 300 vendors that they could no longer serve their businesses due to a lack of capital, but assured them they would take care of their portfolios. “This was the most important lesson for me and for any organization that thinks they might go out of business: you better take care of your customers as if you’re going to be in business forever,” Jones says.
USXL would go through acquisitions by Tygris and TIAA, which eventually became EverBank. Jones later left to join CIT, which was subsequently acquired by First Citizens Bank.
WAR AND PEACE
Jones describes his time at First Citizens Bank as his Ph.D. in equipment finance. As president of equipment finance, Jones established healthcare, agriculture, golf and turf and syndications groups. Through these initiatives, Jones quickly and meticulously learned the complexities of compliance, risk and data management, bank regulations and technology advancements.
Throughout his career, Jones has navigated seven acquisitions and many turbulent economic cycles, including the banking crises of 2001 and 2008 and the COVID-19 pandemic, plus the acquisition of CIT in 2022. From these experiences, he has learned a key lesson: “History doesn’t repeat itself to the level of detail that you think it will.” To this day, he follows advice he received from Marissa Harney, former chief risk officer at CIT: “You have to prepare for war in times of peace.”
SERVANT LEADERSHIP
If there is one constant throughout Jones’ dynamic career, it is his commitment to being a servant leader. Over the past two years, six of his employees have graduated from STRIPES Leadership Program, and more than 25 have acquired their Certified Lease & Finance Professional certifications.
Jones’ service extends beyond his direct colleagues, as he has given back to the industry and his community in numerous ways. He is an acting board member of the Equipment Leasing and Finance Association, the Advisory Board for Hiring in Transition and Operation New Uniform. He makes a considerable effort to hire former military personnel into the equipment finance industry and volunteers his time as a guest speaker and industry expert for ELFA and STRIPES.
“When I look at leaving a legacy in the industry, I hope the 700 people who I have the privilege to serve will say that I’m fair but tough, that I cared but was never complacent,” Jones says. “I want to leave the organization better off than I did when I started, and I want to leave First Citizens’ people in better hands and under even stronger leadership than what I have provided them.” •
