First Commonwealth Enters Equipment Finance Business, Hires Boyer to Run Unit

First Commonwealth Bank will enter the equipment leasing and finance business with the addition of Rob Boyer to its executive team as executive vice president of First Commonwealth Bank and president of First Commonwealth Equipment Finance Group.

Boyer has 26 years of experience in the equipment finance space. He will start, develop and lead First Commonwealth Bank’s entry into the small-ticket equipment finance business.

“It is an honor to have someone with Rob’s experience on our team,” T. Michael Price, CEO of First Commonwealth Bank, said. “As an icon in the industry, Rob brings vast experience in running an autonomous, multi-faceted equipment finance business seamlessly within a banking environment.”

In addition to hiring a team, Boyer will lead the implementation of the systems, policies and processes needed to build, run and grow the business, which will be focused on small-ticket equipment finance, including construction equipment, machine tools, trucking/trailers, emergency vehicles and medical equipment.

Boyer is currently a board director and vice chairman of the Equipment Leasing and Finance Association and has previously chaired its Membership Committee and Small-Ticket Business Council Steering Committee. He also has served as a director on the board for the Certified Leasing & Finance Professional Foundation

“The ‘people and customer first’ culture of First Commonwealth, along with its scale and aggressive growth goals, are what attracted me to starting an entirely new business line for First Commonwealth,” Boyer said. “The executive team truly walk the talk from a culture perspective and were great to work with in developing the strategy into action.”

First Commonwealth Bank’s equipment leasing and financing division will be headquartered in suburban Philadelphia.

Rinaldi Advisory Services served as advisor to First Commonwealth Bank on the project of launching an equipment finance business from concept to execution.

“Harry Kaplun and I were honored to help bring Rob to the talented and progressive team at FCB.  Together, this combination will drive scale and shareholder value,” Bob Rinaldi, principal of Rinaldi Advisory Services, said.

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