News

1st Source Corporation Promotes Short to President

As part of 1st Source’s long-term succession planning, the company promoted Andrea G. Short to president. Prior to this promotion, she served as executive vice president of the organization, and she will continue to serve as president and CEO of 1st Source Bank. read more

Truck Freight Contraction Continues, Spending Down 27.9% Y/Y, Shipping Down 21.6% Y/Y

The latest U.S. Bank Freight Payment Index revealed that the U.S. truck freight market contracted significantly during the first three months of 2024, with spending by shippers down 27.9% in Q1/24 compared with the same period in 2023 and down 16.8% compared to Q4/23. read more

Sunflower Bank Expands in Southern California, Hires Canepa as Regional President

Sunflower Bank hired four commercial banking teams as it expands in Southern California. James Canepa, who joined Sunflower Bank in April, will lead the new teams as executive vice president and regional president. read more

Small Business Owners Feel Confident Despite Concerns About Inflation, Fraud and ‘Political Noise’

KeyBank's 2024 Small Business Survey found that 65% of small business owners feel confident they could fund their operating expenses for one month with their cash reserves if an unexpected need arose. read more

SVB Financial Group Enters Agreement to Sell Investment Platform Business

SVB Financial Group entered into a definitive agreement under which a newly created entity affiliated with Pinegrove Capital Partners will acquire SVB Capital, SVB Financial Group’s investment platform business. read more

ISM Report on Business: Manufacturing PMI in Contraction Territory in April

Economic activity in the manufacturing sector contracted in April after one month of expansion following 16 consecutive months of contraction, according to the latest Manufacturing ISM Report on Business from the Institute for Supply Management. read more

ACT Research: Used Class 8 Truck Retail Sales Counter History, Pull Back in March

According to the latest State of the Industry: U.S. Classes 3-8 Used Trucks report by ACT Research, the used Class 8 average retail sale price dipped 2.9% month over month to $60,100 in March. read more

Citizens’ Business Conditions Index Shows Slowdown in Economic Momentum in Q1/24

The Citizens Business Conditions Index fell to 48.2 in Q1/24 as business activity normalized from elevated levels in recent quarters. The reading below 50 indicates that economic momentum slowed during the first quarter against a backdrop of moderately restrictive monetary policy. read more

Two-Thirds of U.S. SMBs Feel Optimistic About the Future

New research commissioned by Acquis revealed that 65% of small to medium businesses in the U.S. are feeling optimistic about the future, with SMBs in the IT (75%), financial (74%) and retail (74%) sectors felt the most optimistic about the long-term future of their businesses. read more

SMB Owners Anticipate Revenue Growth and Economic Improvement in 2024

A majority of small and mid-sized business (SMB) owners expect their revenues to increase this year, and their worries over a recession have declined substantially, according to the 2024 Bank of America Business Owner Report, conducted in partnership with Bank of America Institute. read more

LTi Technology Solutions Hires Smith as Account Manager

LTi Technology Solutions hired Mallory Smith as account manager. Smith has experience in sales and account management, as well as digital marketing and operations. Most recently, Smith served as sales account manager at Aston Carter, a global provider of finance and accounting talent. read more

H&E Equipment Services Acquires Lewistown Rental and Affiliated Companies

H&E Equipment Services completed its acquisition of Lewistown Rental and three of its affiliated companies. The acquisition adds a comprehensive mix of equipment with an original equipment cost of approximately $28.5 million. read more

Blank Rome Launches Office in Boston with 25-Attorney Corporate and Finance Team

Blank Rome opened a new office in Boston, anchored by 13 partners with corporate, finance, mergers and acquisitions, tax, litigation, and cannabis practices. In addition, 12 associates and several other businesses professionals joined the new office. read more

Aviation Capital Group Promotes Downes to CIO, Nally to Head of Aircraft Trading

Aircraft asset manager Aviation Capital Group promoted Rob Downes to the newly created position of senior vice president and chief investment officer and John Nally to vice president and head of aircraft trading. read more

SLR Equipment Finance Adds Kicklighter to Risk Management Team

Jon Kicklighter joined SLR Equipment Finance as senior vice president of risk with a vendor focus. Kicklighter was most recently credit and risk manager in North America at Volvo Financial Services, where he primarily focused on supporting large-ticket retail and wholesale transactions as well as portfolio management functions. read more

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Terry Mulreany
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