Two banks serving Long Island recently made major inroads into the equipment financing space.
In June, People’s United Bank, which is based in Bridgeport, Conn. and has 69 branches on Long Island, acquired Vend Lease Co., a nationwide provider of equipment financing to suppliers and vendors primarily in the hospitality industry.
And Investors Bank, a Short Hills, N.J.-based bank with eight branches in Nassau and Suffolk and a regional lending office in Melville, launched an equipment financing group in February when it welcomed a seven-person team of seasoned equipment financing professionals aboard.
Vend Lease, which is based in Baltimore and will maintain its existing brand, became a division of the People’s United operating subsidiary LEAF Commercial Capital, an equipment leasing company that the bank acquired last year. People’s United’s combined equipment finance units have more than $4 billion in assets.
Continue Viewing This Story