As part of its employee equity program, First National Capital Corporation, a commercial equipment and aviation finance provider, increased ESOP share value by 50.6% in 2021. Over the last six years, the share value has increased 42.5% per year and combined ESOP share value for all employees at the company is now $16.334 million, with average ESOP balances amongst all current full-time employees of $326,680, with the top eight employees averaging $851,994.

This is the second time in FNCC history the company has provided “equity” ownership to its employees, with the first being when it offered stock options that were redeemed simultaneous to the ESOP transaction. Those stock options represented $8.11 million in cash to employees. Altogether, FNCC has provided equity opportunities and cash distributions of $24.4 million.

“One of my most proud achievements since founding FNCC 17 years ago is to deliver on the promise that the company would not only provide exceptional income opportunities, challenging and rewarding work and a stable work environment through good times and bad, but additionally through ‘shared ownership/upside,’ we would give our employees ‘life changing’ income and equity opportunities,” Keith Duggan, CEO of FNCC, said. “Originally, through our stock option plan where 17 of employees shared in the equity upside of FNCC, and then subsequently through the ESOP, we are delivering on this promise.

“I believe that FNCC is likely the only independent equipment leasing company in the U.S. that has adopted this exceptional ESOP structure for the benefit of its employees and the results are significant.”