Midland States Bank announced that Midland Equipment Finance (MEF), its business equipment financing division, has ranked among “The Monitor Daily” top 100 U.S. equipment leasing and finance companies by total assets and annual business volume for 2018, a notable achievement following its first year in operation.
“MEF’s core management team, who’ve worked together for more than a decade in previous companies, have refined and perfected a successful business model based on lessons learned and best practices,” commented MEF President, Fred Van Etten. “That technologically efficient and streamlined approach is now in place at MEF, driven by top talent.”
MEF, which has 32 full-time employees, reported 2018 year-end total assets of $376.2 million and 2018 new business sales volume of $254.6 million. In 2019, at the close of the first quarter, MEF originated $90.1 million in equipment loan and lease financings.
MEF finances equipment assets in the manufacturing, construction, transportation, waste, healthcare, and other industries, from a network of national sales offices, supported by operations hubs in St. Louis and Denver.
“Through our planned expansion of the division, MEF has focused on segments and equipment types that generate the most attractive risk-adjusted returns for our shareholders,” said Jeffrey Mefford, President of Midland States Bank. “We are pleased at how this division of the bank has grown and continues to perform on all metrics. Fred has led our team to this milestone.”
Check out what “The Monitor Daily” had to say: