Midland States Bank completed the transition of its equipment finance and leasing business to its Midland Equipment Finance (MEF) division. This completes the move of that business from its Heartland Business Credit (HBC) subsidiary. Midland’s equipment lease and finance business is now being done solely under the MEF name.
“While the HBC name has changed, our customers will now enjoy the expanded capabilities of MEF, including a broader segment focus in manufacturing, construction, transportation and environmental markets,” said Frederick Van Etten, president of Midland Equipment Finance. “Together as one, MEF continues HBC’s commitment to providing exceptional service and competitive solutions for its customers.”
The rebranding of Heartland Business Credit as Midland Equipment Finance, which is a division of Midland States Bank, was first announced in January. Midland Equipment Finance’s headquarters are in Clayton, MO.
Jeff Mefford, president of Midland States Bank, said, “Bringing this business directly into our bank enhances our ability to bring fully integrated financing solutions to our business customers. We look forward to the continued growth of this division.”
Van Etten, president of MEF, has more than 30 years of financial services industry experience. In 2012, he founded Scottrade Bank Equipment Finance and served as president of that business until the sale of Scottrade to TD Ameritrade and TD Bank in September 2017. Prior to joining Scottrade, Van Etten held a number of other leadership positions in the equipment financing industry.
Midland States Bancorp is a community-based financial holding company headquartered in Effingham, IL, and is the sole shareholder of Midland States Bank and Alpine Bank. As of March 31, 2018, the company had total assets of approximately $5.7 billion.
What are the things you find most useful when working with funding sources? What do you find least useful? Paul Burnham: Funders, please let the TPO [third party originator] know how important they are to the organization. Answer the phone... read more
Business continues to hold steady or even improve in equipment finance, as the Top 25 Private Independents reported $7,504.5 million in new business volume for 2018, topping a record-setting 2017 with a growth of 17.2% year-over-year. Four companies achieved volume... read more