Scottrade Bank Equipment Finance opened its direct commercial financing line of products and its origination platform to expand lending capabilities nationwide.
The division of Scottrade Bank specializes in originating, structuring and syndicating commercial leases, loans and finance agreements for U.S. companies. The division has already approved more than $120 million in equipment finance transactions.
“As businesses continue to rebound from the turbulent economic climate, owners are beginning to expand their financing capabilities,” said Fred Van Etten, president of Scottrade Bank Equipment Finance. “We are more than just a lender, we’re a business partner financing their ambition.”
Van Etten noted businesses will continue to rely on modern equipment to improve efficiencies, and doing so, they will update their equipment to remain competitive. According to the Equipment Leasing and Finance Association, public and private equipment accounts for more than $1.25 trillion in today’s market. Nearly 70 percent of that number is financed with leases and loans.
The division’s lending teams finance equipment in many industries, but have in-depth knowledge of several specialized markets and niches, including: Construction, Waste and Transportation (including waste hauling equipment, construction machinery and vocational trucks) Manufacturing (including machinery and machine tools) Technology (including mainframes, servers, software and printing).
Van Etten hired industry veterans Jim Denning and Jourdan Saegusa. Both previously worked with Van Etten at Popular Equipment Finance, a subsidiary of Banco Popular N.A., until it sold to TCF Equipment Finance, a subsidiary of TCF Financial, in 2009. The three remained with TCF until joining Scottrade.
“Jim and Jourdan not only know the equipment leasing industry, their experience in working with clients to help their businesses grow is unparalleled,” Van Etten said.
Denning, senior vice president and National Sales Manager, has nearly 30 years of experience in the leasing field. He is responsible for all retail sales, developing industry verticals and growth of the origination platform.
Saegusa, senior vice president of Corporate Development, has nearly 20 years of experience in the leasing field and is responsible for all capital market and operational functions for Scottrade Bank Equipment Finance.
Scottrade Bank was formed in 2008 and began offering retail banking products and services to Scottrade clients in 2011. As one of the fastest growing banks, Scottrade Bank now ranks as the 68th largest bank in the nation and is No. 1 among banks headquartered in St. Louis based on total asset size, with assets at nearly $18 billion.