Bridgewater Bank, Bloomington, Minn., launched an equipment finance division to supplement its commercial lending business.
“An equipment finance division is a natural complement to our business,” said Jerry Baack, president and CEO of the $2.2 billion bank. “We continue to focus on providing commercial clients with the right products and services they need to grow in a competitive business environment.”
The bank’s decision to open the division was always on the radar, said Nick Place, chief lending officer. “When we had the chance to execute on a long-term goal by picking up [an equipment finance team,]” Place said, “we jumped at the opportunity.”
The new squad comes in humming with experience in lending and financing equipment. The staff has a broad network and plans to focus on all areas of equipment finance, from technology and software to industrial and manufacturing equipment.
“We have the right foundation to build this division,” said Tony Ferero, senior vice president of commercial lending. “Bridgewater has a great culture, and we are adding the best talent to aggressively develop this new area.”
The division caters specifically to clients looking to invest in their businesses.
“Lease transactions can provide more flexible terms with lower up-front capital expenses when compared to buying the equipment outright, or using traditional banking,” Place said. “It can also provide an easier way for companies to regularly upgrade equipment that becomes outdated over a short period of time.”
“We see this as an opportunity to introduce new clients to our locally-led and responsive banking model, while allowing us to deepen existing relationships that are leasing equipment and financing it with other funding sources,” Place said.
“There’s no doubt current and potential clients will appreciate what we offer,” Ferraro said.