TriState Capital Bank Named a Leading Equipment Finance Company by Monitor for 4th Consecutive Year
Customized solutions and customer relationships lead to 44.9% YOY growth with middle market clients as expansion continues into the Midwest and beyond
PITTSBURGH, October 20, 2023--(BUSINESS WIRE)--For the fourth consecutive year, TriState Capital Bank was recognized by Monitor as one of the top-performing equipment finance companies in the United States. The bank’s 44.9% year-over-year gain in total assets in 2022 landed TriState Capital at No. 94 on the 2023 Monitor 100, up one spot from last year.
In its fifth year, TriState Capital’s Equipment Finance division grew its assets to $346.5 million in 2022 from $239.1 million in 2021. The bank’s 44.9% gain was the list’s 15th largest increase.
Tim Moriarity, executive vice president and manager of the equipment group, credits the success to building on new and existing client relationships, a strong back-office team and customized solutions for TriState Capital’s middle market clients.
"Since day one, TriState Capital’s equipment financing success has steadily grown because of dedicated customer service and creative solutions for our clients," said Moriarity, who built the specialized equipment finance business from the bank’s general commercial lending business in 2018. "Our team’s knowledge and experience have been the key to navigating the ebb and flow of the current interest rate climate, and the loan structure creativity for clients in diverse industries helps keep them competitive in their individual markets."
The Equipment Finance division’s continued growth includes the Midwest, with a focus on the Chicago area, as well as additional expansion and support in its regional footprint 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. The division has steadily grown its assets from $18.1 million in its inaugural year, 2018, to $62.5 million in 2019, $157.5 million in 2020, $239.1 million in 2021 and $346.5 million in 2022.
"Tim’s team has successfully grown our business every year since inception by focusing on relationships and their needs for critical, revenue-generating equipment," said TriState Capital Bank President and CEO Brian Fetterolf. "We’ve supported our clients’ business growth over the past five years and look forward to continuing to be a premier provider of impactful equipment financing solutions for them."
The Monitor 100 is published by MonitorDaily, a leading publication in the equipment finance industry. The list is an annual report of the largest equipment finance and leasing companies in the United States. More information about the Monitor 100 is 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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