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In the Marketplace
CIT Bank of New York, which is the U.S. commercial bank subsidiary of CIT Group Inc ., has completed its acquisition of Portsmouth, NH-based Direct Capital Corporation , a provider of financing to small and mid-sized businesses. Founded in 1993, Direct Capital has provided more than 80,000 businesses with over $2.25 billion in equipment, franchise and vendor financing and lending solutions to grow their businesses. Direct Capital has assets of approximately $500 million and employs 250 individuals.
Signature Bank of New York announced the formation of a new specialty finance subsidiary, Signature Financial LLC , which will begin offering direct finance services for both the franchise and commercial marine industries on a national basis. The franchise business will provide financing to franchise operators across a variety of national and regional restaurant concepts and chains, such as those engaged in fast-casual and family-oriented restaurant businesses. The commercial marine unit will specialize in the financing of commercial vessels, including supply ships, tugboats, barges and commercial passenger transport vessels. The franchise business will be led by John R. Black in the position of National Franchise Finance Manager. He will be responsible for loan origination and strategy. Supporting him is Thomas E. Eylander , who was named Senior Risk Underwriting Manager for franchise finance. Richard J. Paine, Sr. will lead Signature Financial's direct commercial marine business development efforts and aid in the development of the new unit's strategic direction. Most recently, Paine served as National Finance Manager in the Commercial Marine Group at TCF Equipment Finance, Inc .
The Equipment Leasing & Finance Foundation has launched a newly designed website (www.leasefoundation.org) to provide users with an enhanced online experience. The new website design will enable users to browse and download the Foundation's resources, articles, research and studies on the equipment finance industry with greater ease, says the Foundation, including mobile access. The launch coincides with the celebration this year of the Foundation's 25th anniversary.
GSG Financial LLC of New York has formed GSG Municipal Finance, which will work with vendors or financial institutions to support municipal clients seeking equipment financing. GSG Financial is an independent equipment lessor and financial solutions provider. The company's core offerings consist of operating leases, capital leases and equipment finance agreements.
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The Equipment Leasing & Finance Foundation has launched a newly designed website (www.leasefoundation.org) to provide users with an enhanced online experience. The new website design will enable users to browse and download the Foundation's resources, articles, research and studies on the equipment finance industry with greater ease, says the Foundation, including mobile access. The launch coincides with the celebration this year of the Foundation's 25th anniversary.
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