Scottrade Bank recently expanded its offerings by launching Scottrade Bank Equipment Finance, a new division that will offer a full range of equipment finance options, and specialize in originating and syndicating commercial equipment leases for U.S. companies. In conjunction with the launch, the company hired industry veteran Fred Van Etten to serve as president of the division.
Scottrade Bank President Joe Pope said the new division is the next step in the company’s growing line of businesses. “Scottrade Bank is well capitalized with a financially strong parent,” he said. “This division will enable Scottrade Bank to grow its commercial loan base of products and execute on our plan to expand our lending capabilities nationwide.”
Scottrade Financial Services, Inc., a leading, independent financial services firm, is the holding company for Scottrade, Inc., the online investing services company that was founded in 1980. Scottrade Bank, formed in 2008, 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 75th largest bank in the nation and is No. 1 among banks headquartered in St. Louis based on total asset size, with assets exceeding $16 billion.
“The equipment finance industry is well-defined and a large part of the commercial lending marketplace, financing all types of commercial equipment for businesses,” Van Etten said. “I look forward to adding the resources quickly to make Scottrade Bank® Equipment Finance successful, and to that end, we will immediately begin looking to acquire portfolios of leases and equipment loans from other established financial institutions.
“At the same time, we will begin building our origination platform with the future plan of originating assets directly from vendors and customers nationwide,” Van Etten added. “Scottrade is known for providing tremendous customer service and solutions for clients, both of which will be incorporated into the new division.”
Van Etten most recently served as president of Popular Equipment Finance, a subsidiary of Banco Popular N.A., until its assets were sold to TCF Equipment Finance, a subsidiary of TCF Financial, in 2009. Van Etten was with TCF from 2009 to 2012.
Scottrade Financial Services, Inc., is the privately-held holding company for Scottrade, Inc., a leading online investing services company and Scottrade Bank, a provider of online retail banking products and services, and commercial equipment financing.