Signature Bank collapses, enters FDIC receivership
Signature Bank, the parent company of equipment financier Signature Financial, entered Federal Deposit Insurance Corp. receivership Sunday following the collapse of Silicon Valley Bank on Friday. Signature Bank was closed by the New York State Department of Financial Services on Sunday
Investors concerned about regional equipment financiers after SVB collapse
The run on Silicon Valley Bank on Thursday and its subsequent collapse Friday has sparked investor concern with regional banks offering equipment finance with high exposure to unrealized losses. Santa Monica, Calif.-based Silicon Valley Bank’s (SVB) collapse was the product of
Arvest Bank building new core
Arvest Bank is switching from its existing core to a new one built from scratch by a development team working closely with the bank. The $26 billion financial institution has been in the building phase for the past 10 months, adopting a
Agtonomy to integrate automation software in Bobcat equipment
Equipment manufacturer Bobcat is partnering with agricultural technology company Agtonomy to advance electrification, autonomous operation and digitalization in Bobcat’s agriculture equipment. “Bobcat wants to innovate in agriculture, and they’re doing that through a partnership with Agtonomy, where you bring together our
Trinity Capital’s equipment financing portfolio up 9.6% YoY
Trinity Capital grew its equipment financing portfolio in 2022 amid record commitments and deployments. Equipment financing investments totaled $29 million in the fourth quarter, down 35% quarter over quarter and 59.9% year over year, according to Equipment Finance News analysis of Trinity’s
Digital channels key to securing equipment, work truck sales leads
Equipment and work truck dealers should leverage online sales channels to secure leads and widen the sales net as more consumers browse inventory and shop through digital avenues. Many equipment and work truck dealers post inventory on their websites but need
2 common roadblocks inhibit equipment sales, financing
Lender and consumer roadblocks are negatively impacting the financing process for equipment dealers. “One, the customer is declined by the primary lender, so we’ll take that as a workflow or a key question to evaluate,” Beckham Thomas, founder and chief executive
Equipment vendors must protect personal information under FTC rule change
Equipment vendors soon will be held to the same standards as banks when it comes to protecting consumer and employee information. Changes to the Federal Trade Commission’s Safeguard Rule will expand the definition of a financial institution to include equipment vendors. The
First Citizens Bank Equipment Finance eyes $750M in industrial originations in 2023
CHARLOTTE — First Citizens Bank Equipment Finance has its eye toward growth in its industrial portfolio this year as the lender looks to capitalize on new technologies and leverage its salesforce to enter new markets. First Citizens expects to originate $700
Dealer rentals to grow as bonus depreciation phases out
CHARLOTTE – Rental business at dealerships is poised to gain traction in the coming years as depreciation tax benefits on equipment begins to phase out. Rentals are already gaining traction on equipment with advanced technology, and more segments of the equipment