Top 10 Equipment Finance Stories of 2016

Over the course of 2016, here are the 10 stories that sparked the most interest.

  1. Bloomberg: Rabobank in Discussions to Sell DLL
    Bloomberg reported that Rabobank was in preliminary discussions to sell De Lage Landen International, noting the sale price could be as much as $4.9 billion. Of course this never came to fruition.
  2. Ex-Regions Equipment Finance Execs Indicted in Bribery, Fraud Scheme
    A federal grand jury indicted two former Regions Equipment Finance executives for conspiracy in a $5 million bribery and wire fraud scheme.
  3. EverBank in ‘Advanced Negotiations’ to Be Acquired
    As a result of an ongoing review of its strategic alternatives, EverBank entered advanced negotiations with a well-respected financial services company regarding a transaction in which EverBank Financial would be acquired. Unlike the reports about Rabobank and DLL, this did come to pass, as EverBank was acquired by TIAA in a deal valued at $2.5 billion.
  4. Hitachi Expands Vendor Finance Business, Acquires Creekridge Capital
    Hitachi Capital America signed a definitive agreement to purchase Creekridge Capital, a vendor finance company. Jeff Cowan, Creekridge co-CEO, became president of HCA’s vendor finance business.
  5. Wells Fargo Combines Equipment Finance Unit, Others into New Group
    Wells Fargo consolidated a number of its business units, including its equipment finance division, into a single entity called Wells Fargo Commercial Capital.
  6. EverBank Announces Leadership Appointments, Organizational Realignment
    Prior to its acquisition by TIAA, EverBank expanded its Lender Finance division and combined the Capital Equipment Finance and Business Credit units into a single group, while also adding two former GE Capital employees to its senior management team.
  7. MB Equipment Finance Adds Nine to Staff
    MB Equipment Finance announced nine additions to its team, including six senior relationship managers, two senior credit underwriters and a senior documentation leader.
  8. Element to Separate into Two Public Companies
    Following a strategic review of the company’s business units, Element Financial decided to split into two publicly traded companies: a $19.5 billion fleet management company and a $7 billion commercial finance company. Those two companies have become Element Fleet Management and ECN Capital.
  9. CIT Capital Equipment Finance Adds Several Former GE Capital Execs
    CIT Capital Equipment Finance named Steve Bander, Jason Fronheiser, Brandon Hannanman, Michael Tornichia, Kevin Ronan and Edward Ciccone directors, while Scott Schumacher was named vice president.
  10. DLL Announces New Executive Leadership Appointments
    DLL appointed three new executive board members, with Marc Dierckx named CFO, Ab Gillhaus named CRO and Tom Meredith appointed CCO.

Like this story? Begin each business day with news you need to know! Click here to register now for our FREE Daily E-News Broadcast and start YOUR day informed!

Leave a comment

View Latest Digital Edition

Terry Mulreany
Subscriptions: 800 708 9373 x130
[email protected]
Susie Angelucci
Advertising: 484.459.3016
[email protected]

View Latest Digital Edition

Visit our sister website for news, information, exclusive articles,
deal tables and more on the asset-based lending, factoring,
and restructuring industries.