TriState Capital Bank Named Top 50 Bank as a Leading Equipment Finance Company
$221 million in new business led to 59.1% YOY growth and recognition in the Monitor Bank 50
It's another honor for TriState Capital Bank's Equipment Finance division — Top 50 Bank.
The division's 59.1% year-over-year gain in equipment finance total assets in 2023 landed TriState Capital at No. 46 in the Monitor Daily's "Monitor Bank 50" listing for 2024, the bank's first time on the list.
The recognition follows TriState Capital's fifth consecutive year on the Monitor 100 as one of the top-performing equipment finance companies in the United States.
In 2023, its sixth year, the Equipment Finance division grew its assets to $551.2 million, up from $346.5 million in 2022. The bank's 59.1% increase ranked as the third-largest gain on the list.
Tim Moriarity, executive vice president and manager of the equipment group, credits the success to building strong relationships based on personalized service. The team added $221.1 million in new business in 2023.
"Our team remains highly experienced and adaptable, delivering effective equipment financing solutions tailored to our customers' needs," said Moriarity, who established the specialized Equipment Finance division in 2018, evolving it from the bank's general commercial lending operations. "Even in the face of rising interest rates and tighter margins, we continue to support our clients by financing essential-use equipment through a range of competitive leasing and loan options, helping clients optimize efficiencies."
The Equipment Finance division's continued growth includes the Northeast and Midwest, with a focus on the Chicago area, as well as additional expansion and support in its regional footprints of Pittsburgh, Philadelphia, New York City, Cleveland and North Jersey.
Companies and deals are centered on the ongoing acquisition of essential-use equipment, primarily in the transportation, manufacturing and construction sectors. Since its inaugural year, the division has rapidly grown its assets — from $18.1 million in 2018 to $551 million in 2023.
"Our business growth is driven by our commitment to delivering highly effective equipment financing solutions that empower middle-market companies to expand," said TriState Capital Bank President and CEO Brian Fetterolf. "Since launching this strategy nearly seven years ago, we've achieved consistent year-over-year success — a reflection of TriState Capital's ability to excel at building and supporting specialized value-add financial services; Tim's leadership and expertise; and the team's relationships, dedication and execution."
The Monitor Bank 50 is published by "MonitorDaily," a leading publication in the equipment finance industry.
More information and the full list are available at MonitorDaily.com.
ABOUT TRISTATE CAPITAL
TriState Capital Bank is headquartered in Pittsburgh, Pennsylvania, and provides commercial banking, private banking and treasury management services to middle-market companies, institutional clients and high-net-worth individuals. TriState Capital Bank serves middle-market commercial customers through regional representative offices in Pittsburgh; Philadelphia; Cleveland; Edison, New Jersey; and New York City, as well as high-net-worth individuals nationwide through its national referral network of financial intermediaries. TriState Capital Bank is a wholly owned subsidiary of Raymond James Financial, Inc. (NYSE:RJF), a leading diversified financial services company providing private client group, capital markets, asset management, banking and other services to individuals, corporations and municipalities. TriState Capital Bank is a Pennsylvania chartered bank.
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Jeff Shurilla
Hornercom
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