EFFINGHAM, ILLINOIS – July 24, 2019 – Midland States Bank announced that Midland Equipment Finance (MEF), its business equipment financing division, has ranked among “The Monitor Daily” top 100 U.S. equipment leasing and finance companies by total assets and annual business volume for 2018, a notable achievement following its first year in operation.
“MEF’s core management team, who’ve worked together for more than a decade in previous companies, have refined and perfected a successful business model based on lessons learned and best practices,” commented MEF President, Fred Van Etten. “That technologically efficient and streamlined approach is now in place at MEF, driven by top talent.”
MEF, which has 32 full-time employees, reported 2018 year-end total assets of $376.2 million and 2018 new business sales volume of $254.6 million. In 2019, at the close of the first quarter, MEF originated $90.1 million in equipment loan and lease financings.
MEF finances equipment assets in the manufacturing, construction, transportation, waste, healthcare, and other industries, from a network of national sales offices, supported by operations hubs in St. Louis and Denver.
“Through our planned expansion of the division, MEF has focused on segments and equipment types that generate the most attractive risk-adjusted returns for our shareholders,” said Jeffrey Mefford, President of Midland States Bank. “We are pleased at how this division of the bank has grown and continues to perform on all metrics. Fred has led our team to this milestone.”
Van Etten has more than 30 years of financial services industry experience. In 2012, he helped found Scottrade Bank Equipment Finance and served as president of that business until its successful sale to TD Bank in September 2017. Prior to joining Scottrade, he has held a number of other leadership positions in the equipment financing industry.
About Midland States Bancorp, Inc.
Midland States Bancorp, Inc. is a community-based financial holding company headquartered in Effingham, Illinois, and is the parent company of Midland States Bank. As of March 31, 2019, the Company had total assets of approximately $5.64 billion and its Wealth Management Group had assets under administration of approximately $3.10 billion. Midland provides a full range of commercial and consumer banking products and services, business equipment financing, merchant credit card services, trust and investment management, and insurance and financial planning services. In addition, multi-family and healthcare facility FHA financing is provided through Love Funding, Midland’s non-bank subsidiary. For additional information, visit www.midlandsb.com or follow Midland on LinkedIn at https://www.linkedin.com/company/midland-states-bank.
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Anna (Percival) Strong
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217-540-2838