INDIANA, Pa., June 14, 2021 (Globe NEWSWIRE) — To start with Commonwealth Financial institution introduced these days that they will enter the devices leasing and finance enterprise with the addition of Rob Boyer to its executive staff as President of Very first Commonwealth Devices Finance Group.
Boyer delivers a prosperity of field understanding with 26 yrs in the equipment finance house as he commences, develops and sales opportunities the Bank’s entry into the small ticket products finance business.
T. Michael Price, CEO of Initial Commonwealth, states that, “It is an honor to have another person with Rob’s experience on our crew. As an icon in the field, Rob provides broad encounter in running an autonomous, multi-faceted machines finance company seamlessly inside a banking surroundings.”
In addition to Boyer’s robust awareness of the enterprise and wide community of market contacts, he is now a Board Director and Vice Chairman of the Equipment Leasing and Finance Association (ELFA) and has beforehand chaired its Membership Committee and Small Ticket Enterprise Council Steering Committee. He has also served as a Director for the Accredited Leasing and Finance Expert Basis.
“The ‘people and client first’ lifestyle of Initial Commonwealth, together with its scale and intense expansion plans, are what attracted me to beginning an fully new organization line for 1st Commonwealth,” Boyer explained. “The executive staff genuinely walk the discuss from a culture standpoint and ended up fantastic to work with in acquiring the approach into motion.”
Price claimed the Bank’s entry into the equipment leasing and finance business is a strategic initiative that is consistent with Very first Commonwealth’s goal to be the very best lender for organization. They like the granularity it will include to their business portfolio and the financing options it opens up in favorable geographies.
The company’s entry into the small business follows the pattern of the bank’s effective de novo entry into the property finance loan business enterprise in 2014 and its natural and organic growth of its SBA and indirect automobile firms, as properly as its profitable integration of five acquisitions in that time frame. The products finance business is envisioned to split even late in 2022, just after which it is anticipated to give a significant contribution to the company’s earnings and carry on the track document of good functioning leverage.
The devices leasing and funding division will be headquartered in suburban Philadelphia.
About Very first Commonwealth Financial Company
Initial Commonwealth Money Company (NYSE: FCF), headquartered in Indiana, Pennsylvania, is a financial expert services business with 119 community banking places of work in western and central Pennsylvania and during Ohio, as nicely as organization banking centers in Pittsburgh, Pennsylvania, and Canton, Cincinnati, Cleveland and Columbus, Ohio. The company also operates house loan places of work in Wexford, Pennsylvania, as properly as Hudson, Lewis Heart and Youngstown, Ohio. 1st Commonwealth offers a total range of professional banking, purchaser banking, home finance loan, prosperity management and coverage products and solutions and services via its subsidiaries Initial Commonwealth Lender and Initially Commonwealth Insurance policy Company. For additional information and facts about Very first Commonwealth or to open an account these days, be sure to stop by www.fcbanking.com.
Jonathan E. Longwill
Vice President / Communications and Media Relations
Cell phone: 724-463-6806
E-mail: [email protected]
Ryan M. Thomas
Vice President / Finance and Investor Relations
E-mail: [email protected]