Midland Equipment Finance
New Company, Strong Pedigree
Company: MIDLAND EQUIPMENT FINANCE
TOTAL ASSETS: $376.2MM
TOTAL VOLUME: $254.6MM
NEW VOLUME: Ranked 66
Number of EMPLOYEES: 32
Midland Equipment Finance (MEF) got its start just over a year ago with a highly experienced leadership team that’s been together since 2006 managing the growth and operations of three previous EL&F companies. In late 2017, well known industry veteran and previous president of Scottrade Bank Equipment Finance, Fred Van Etten, launched MEF as a division of Midland States Bank, absorbing a medical portfolio and team of leasing experts previously acquired from Heartland Business Credit (HBC). Since that time, MEF has expanded into broader traditional markets.
To establish a framework and build out the business, Fred reassembled his core management, sales and operations teams following the sale of Scottrade Bank to TD Bank. Based on past experience, the team established a nimble structure geared for growth. “We took the best ingredients of our past entities to create an ongoing formula for success,” Van Etten said. Business Friendly The other important half to the equation of MEF’s success has been the on-going relationships of its well-established vendor partners who followed Fred’s team, gave them time to establish a structure, and began referring their customers.
Poised For Growth
Since launching MEF with HBC’s $209MM healthcare portfolio, the division has quickly become a workhorse of originations and revenue generation for its parent, Midland States Bank. The business has exceeded its budgeted sales and efficiency goals, achieved healthier portfolio metrics than industry benchmarks, and continues its asset gathering momentum.
Over the course of the past 13-years, it is estimated that under his leadership, Fred’s teams have financed billions of dollars for American businesses. *Another measure of our team’s impact is their dedication to the people they have stood by through thick and thin - which is a direct reflection of our values and culture,” said Van Etten.
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