MonitorDaily takes a look back at the headlines that shaped the equipment finance industry in 2019:

EXCLUSIVE: Santander Bank Exits Equipment Finance
Monitor has learned from reliable industry sources that Santander Bank, in an effort to drive capital savings and core C&I, is planning to exit the equipment finance industry in the U.S., consistent with a similar shutdown of EFL in the UK.

Rabobank, Mechanics Bank Agree to Merge
Mechanics Bank agreed to acquire Rabobank in a strategic business combination transaction valued at approximately $2.1 billion. The transaction has been approved by each party’s authorizing board of directors.

Celadon to Declare Bankruptcy; Could Leave Thousands of Drivers Stranded
According to Business Insider, Celadon Trucking plans to file for bankruptcy by December 11. It would potentially be the largest truckload bankruptcy in history.

ISC, SunTrust Sue Each Other Over Solar Generator Deal Gone Bad
SunTrust Equipment Finance & Leasing and International Speedway Corp. (ISC), the parent company of Daytona International Speedway, have filed mutual suits against each other in the fallout of a deal with a third, now-bankrupt company, DC Solar, according to the The Daytona Beach News-Journal.

Encina EF Adds 5 GE Vets to Exec Team, Relocates Headquarters
Encina Equipment Finance announced that Martin Ferguson, Jenn Allred, Helen Steinberg and Colleen Bullock joined the company as senior managing director of Capital Markets, senior vice president & controller, Assistant Vice President of Underwriting & Finance, and Assistant Vice president of Operations, respectively. Ferguson will be based in St. Louis, while Allred, Steinberg and Bullock will work from the company’s new headquarters in Westport, CT.

M&T Bank Expands Commercial Equipment Finance Group
M&T Bank has begun a series of steps to grow its Commercial Equipment Finance Division and serve more commercial and municipal customers across the country.

Chemical Financial and TCF Financial to Merge
Chemical Financial and TCF Financial signed a definitive agreement under which TCF will merge into Chemical in an all-stock merger of equals transaction. The combined company will operate under the TCF name.

Bridgewater Bank Launches Equipment Finance Division
Twin Cities-based Bridgewater Bank has launched its newest division, Bridgewater Equipment Finance.

Balboa: 65% of Small Businesses Obtain LoCs from Non-Bank Lenders
A recent survey conducted by direct lender Balboa Capital revealed that 65% of small business owners obtained a business line of credit from a non-bank lender in the past 12 months. Applicants cited easier application processes and faster funding decisions as the main factors in their choice of lender.

Former ELFA Chairman Rick Wolfert Passes
Frederick “Rick” Eugene Wolfert, 64, of Greensboro, GA passed away peacefully on April 9, 2019 at St. Mary’s Good Samaritan Hospital in Greensboro.