Umpqua Bank promoted Terey Jennings to president of Financial Pacific Leasing, the bank’s commercial equipment financing arm.

In his new role, Jennings will oversee all aspects of the Federal Way-based company, including origination channels, credit and operations and portfolio servicing. He previously served as Financial Pacific Leasing’s executive vice president and general manager.

Jennings promotion is the latest advancement in a career at Financial Pacific Leasing that spans more than 30 years. After joining the company in 1986, he was instrumental in building the company’s origination model and vendor finance platform, which fueled rapid growth and quintupled its asset size to $1.5 billion over a five-year period.

“Few people have the depth of knowledge and expertise in the commercial equipment space that Terey brings to our company and customers,” said Umpqua CEO Paul Menzel. “He’s been a tremendous part of our growth over the years and will continue providing the kind of leadership that makes us a financing partner of choice for businesses looking to expand their capabilities.”

Started in 1975, Financial Pacific Leasing originates and services a portfolio of equipment leases, helping companies grow by financing their acquisition of new and used equipment. The company was acquired by Umpqua Bank in 2013 and has been a key component to the bank’s growth and success in banking small to medium-size companies.

Jennings is active in a number of equipment leasing associations and is a past president of the United Association of Equipment Leasing. He has been a Certified Leasing & Finance Professional since 1998.