News

BankProv Names Kim SVP of Sponsor Finance

BankProv hired Jean Kim as senior vice president for its sponsor finance team. She will lead business development efforts in the New York market with existing and new partner relationships for the bank. read more

Gold to Retire as President and COO of M&T Bank in 2023

Richard Gold, president and chief operating officer for M&T Bank, intends to retire, effective after Q1/23. Gold plans to remain on the board of directors of M&T Bank. read more

IDB Bank Appoints Roberts New Chief Risk Officer

IDB Bank, a New York-based private and commercial bank, appointed Daniel Roberts chief risk officer. In this role, Roberts will be responsible for overseeing and maintaining the bank's capacity to identify, measure and manage financial and operational risk. read more

Federal Reserve Boosts Federal Funds Rate at Increment Not Seen Since 1994

On Wednesday, the Federal Reserve made its third hike to the federal funds rate in 2022, increasing the rate to a range between 1.5% and 1.75%. According to Yahoo Finance, the 0.75 percentage point increase was “the largest move [the Fed] has made in a single meeting since 1994.” read more

ELFF: Equipment Finance Industry Confidence Rises Slightly in June

According to the Equipment Leasing & Finance Foundation’s June 2022 Monthly Confidence Index for the Equipment Finance Industry (MCI-EFI) overall confidence in the equipment finance market is 50.9, up from the May index of 49.6. read more

United Trust Bank Partners with Alfa Partner to Transform Asset Finance Business

United Trust Bank has partnered with software specialist Alfa to transform the bank’s asset finance operations with an integrated digital solution improving broker service and supporting UTB’s growth plans. read more

Crestmark Supplies More Than $22MM in Equipment Financing Solutions in May

Crestmark Equipment Finance provided $16,094,651 in 20 new large-ticket transactions and $6,435,042 in 50 new small-ticket vendor transactions in May. read more

Associated Banc-Corp Appoints Meyer CFO, Carson Chief Product and Marketing Officer

Associated Banc-Corp hired Derek Meyer as CFO, effective Aug. 1. Meyer will succeed Christopher J. Del Moral-Niles, who retired this year. In addition, the bank hired Bryan Carson as chief product and marketing officer, effective July 18. read more

IDC: PC Shipment Volumes Expected to Decline 8.2% in 2022

According to a new forecast from International Data Corporation, global shipments of traditional PCs will fall 8.2% year over year in 2022. Similarly, the forecast for worldwide tablet shipments calls for a 6.2% decline compared to 2021. read more

Altavair Names Rynott SVP of Marketing for the Americas

Altavair, a commercial aviation lease finance company, appointed Brian Rynott senior vice president of marketing for the Americas. Rynott will play a role in expanding relationships and growing Altavair’s managed fleet of leased commercial aircraft. read more

AGCO Chooses Audia to Succeed Beck as CFO

AGCO, a manufacturer and distributor of agricultural equipment, infrastructure and precision agriculture technology, chose Damon Audia to succeed Andy Beck as senior vice president and CFO, effective July 1. read more

Eastern Funding Merges with Macrolease

Eastern Funding, a financial lender to laundromats and other businesses, merged operations with Macrolease, a specialized equipment finance and leasing company serving the fitness, wellness and nutrition markets. read more

VersaBank Acquires Stearns Financial Services Subsidiary for $13.5MM

VersaBank, a provider of digital banking and cybersecurity solutions, signed a definitive agreement to acquire Minnesota-based Stearns Bank Holdingford, a privately-held, wholly-owned subsidiary of Stearns Financial Services, for $13.5 million.   read more

Ritchie Bros. Forms Dedicated Energy Team, Kittson to Lead

Ritchie Bros. formed a new dedicated energy team to support oil and gas customers with a suite of transaction solutions, services and insights. Kelly Kittson, director of strategic accounts for Ritchie Bros., will lead the new team. read more

Former CFO of United Rentals Graziano to Join US Steel as SVP and CFO

Jessica T. Graziano, the former CFO of United Rentals, will join U.S. Steel as senior vice president and CFO on Aug. 8. Graziano will report directly to David B. Burritt, president and CEO of U.S. Steel. read more

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