TriState Capital Bank Achieves Top 50 Recognition
TriState Capital Bank’s Equipment Finance division has achieved a remarkable milestone by being recognized as a top 50 bank in the latest industry listing. The bank's Equipment Finance division has gained significant traction, marking a noteworthy 59.1% year-over-year increase in total assets.
Monitoring Growth and Success
The impressive growth of the division positioned TriState Capital at No. 46 in the esteemed ‘Monitor Bank 50’ listing for the current year. This is the first time the bank appears on this prestigious roster, a testament to its robust performance in the equipment finance sector.
The achievement is further enhanced by the bank's presence on the Monitor 100 list for five consecutive years as one of the leading equipment finance companies in the nation.
Significant Asset Growth in 2023
In 2023, the Equipment Finance division grew its assets to an impressive $551.2 million, a notable increase from $346.5 million reported in the previous year. This significant jump ranked among the largest gains in the industry, reinforcing TriState Capital's status as a competitive player in the finance market.
Tim Moriarity, the executive vice president and manager of the equipment group, attributes much of their success to the strong relationships built through personalized service. In the past year alone, the team added $221.1 million in new business, further underscoring their commitment to growth and excellence.
Tailored Solutions for Clients
Moriarity emphasizes the team's adaptability and expertise in delivering effective equipment financing solutions that are tailored to the unique needs of their clients. He notes that even amidst rising interest rates and tighter profit margins, the team remains dedicated to financing essential-use equipment through a variety of competitive leasing and loan options.
Expanding Regional Footprint
The continued expansion of the Equipment Finance division not only targets the Northeast and Midwest but also includes a strong focus on major urban areas such as Chicago. Additional support is provided across key locations including Pittsburgh, Philadelphia, New York City, Cleveland, and North Jersey.
The strategy revolves around the procurement of essential-use equipment with industries such as transportation, manufacturing, and construction being significant focal points of their operations. Since its establishment, the division has seen exponential growth, escalating its assets from just $18.1 million in 2018 to the current figure of $551.2 million.
A Commitment to Middle-Market Companies
Brian Fetterolf, President and CEO of TriState Capital Bank, reflects on the growth, stating that it stems from their unwavering dedication to providing effective financing solutions that empower middle-market companies. Since launching this strategic focus nearly seven years ago, the bank has witnessed consistent year-over-year success, illustrating its capability to deliver specialized financial services that add significant value.
Industry Recognition by Monitor Daily
TriState Capital Bank’s recognition in the Monitor Bank 50 listing by MonitorDaily highlights its established reputation in the equipment finance business, showcasing its trajectory towards continued excellence.
More comprehensive details about this recognition and the full listing are accessible through various industry publications, emphasizing the importance of staying informed about trends and leaders in the financial service space.
About TriState Capital Bank
Headquartered in Pittsburgh, TriState Capital Bank offers a diverse range of commercial banking, private banking, and treasury management services tailored for middle-market companies, institutional clients, and high-net-worth individuals. The bank operates through regional offices in key locations, including Pittsburgh, Philadelphia, Cleveland, Edison, and New York City. As a wholly owned subsidiary of Raymond James Financial, Inc. (NYSE: RJF), TriState Capital Bank stands as a Pennsylvania-chartered bank recognized for its diverse financial services.
Frequently Asked Questions
What is the recent achievement of TriState Capital Bank?
TriState Capital Bank's Equipment Finance division has been recognized as a top 50 bank in the equipment finance sector, achieving significant asset growth.
How much did the assets grow in 2023?
The Equipment Finance division's assets grew from $346.5 million in 2022 to $551.2 million in 2023, marking a 59.1% increase.
Which industries does TriState Capital Bank focus on?
The bank focuses on essential-use equipment primarily within the transportation, manufacturing, and construction sectors.
How does TriState Capital Bank ensure personalized service?
The bank focuses on building strong relationships with clients, ensuring that they deliver tailored financing solutions that meet specific business needs.
Is TriState Capital Bank part of a larger financial institution?
Yes, TriState Capital Bank is a wholly owned subsidiary of Raymond James Financial, Inc. (NYSE: RJF).
