TriState Capital Bank Named a Leading Equipment Finance Company by Monitor for 5th Consecutive Year

$221 million in new business led to 59.1% YOY growth with middle market clients

PITTSBURGH--(BUSINESS WIRE)--For the fifth consecutive year, TriState Capital Bank was recognized by Monitor as one of the top-performing equipment finance companies in the United States. The bank’s 59.1% year-over-year gain in total assets in 2023 landed TriState Capital at No. 84 on the 2024 Monitor 100, up 10 spots from last year.

In 2023, its sixth year, TriState Capital’s Equipment Finance division grew its assets to $551.2 million from $346.5 million in 2022. The bank’s 59.1% gain was the list’s fifth-largest increase.

Tim Moriarity, executive vice president and manager of the equipment group, credits the success to building strong relationships based on personalized service. The team added $221.1 million in new business last year.

“Our team continues to have the experience and flexibility to meet our customers’ needs with impactful equipment financing solutions,” said Moriarity, who built the specialized equipment finance business from the bank’s general commercial lending business in 2018. “Despite rising rates and tighter margins, we persist in helping clients maximize efficiencies by financing essential-use equipment under a variety of competitive leasing and loan structures.”

The Equipment Finance division’s continued growth includes the Northeast and Midwest, with a focus on the Chicago area, as well as additional expansion and support in its regional footprint of Pittsburgh, Philadelphia, New York City, Cleveland and North Jersey.

Companies and deals are centered on the ongoing acquisition of essential-use equipment, primarily in the transportation, manufacturing and construction sectors. Since its inaugural year, the division has rapidly grown its assets from $18.1 million in 2018 to $551 million in 2023.

“Our success of building our business is based on providing middle market companies with highly effective equipment financing solutions to meaningfully help them grow their businesses,” said TriState Capital Bank President and CEO Brian Fetterolf. “Every year since inception, we’ve seen year-over-year success — a testament to Tim’s expertise and leadership combined with the capability and dedication of our team since we established this strategy six years ago.”

The Monitor 100 is published by MonitorDaily, a leading publication in the equipment finance industry. The list is an annual report of the largest equipment finance and leasing companies in the United States. More information about the Monitor 100 is available at monitor100.monitordaily.com.

ABOUT TRISTATE CAPITAL
TriState Capital Bank is headquartered in Pittsburgh, Pennsylvania, and provides commercial banking, private banking and treasury management services to middle-market companies, institutional clients and high-net-worth individuals. TriState Capital Bank serves middle-market commercial customers through regional representative offices in Pittsburgh; Philadelphia; Cleveland; Edison, New Jersey; and New York City, as well as high-net-worth individuals nationwide through its national referral network of financial intermediaries. TriState Capital Bank is a wholly owned subsidiary of Raymond James Financial, Inc. (NYSE: RJF), a leading diversified financial services company providing private client group, capital markets, asset management, banking and other services to individuals, corporations and municipalities. TriState Capital Bank is a Pennsylvania chartered bank.