EFFINGHAM, ILLINOIS – Aug 27, 2020 – Midland States Bank today announced that Midland Equipment Finance (MEF), its equipment finance division, has been named one of The Top 100 Equipment Finance and Leasing Companies by The Monitor Daily for the second year in a row.
The MEF went from its initial 79e ranking at 66e in the Top 100 of the 100 largest U.S. equipment finance and leasing companies based on total assets. In addition, the Company has grown from 67e to 60e among the top 100 companies ranked by new business volume. Both rankings are based on year-end financial reports as of December 31, 2019.
MEF provides financing solutions to U.S. companies in the construction, transportation, waste, manufacturing, specialty vehicles, and healthcare industries. The division is headquartered in St. Louis, Missouri, operates from twelve offices nationwide, and has total assets of more than $ 750 million as of June 30, 2020. Frederick Van Etten, president of Midland Equipment Finance and its core management team have developed a streamlined business model with efficient origination and operations processes, while managing its sales teams.
“Our business has experienced strong growth in this space, led by Fred and his team,” commented Jeffrey Mefford, President of Midland States Bank. “We are excited to diversify what we can offer our clients and clients, outside of a traditional bank loan. Midland Equipment Finance’s expansion reflects how customers in the transportation, construction and manufacturing industries find value in our products, services and people.