Investors Bank, a full-service community bank based in New Jersey, is launching an equipment finance group (EFG) to enhance its commercial and industrial lending capabilities with middle market companies.
The new unit has hired a seven-person team of equipment financing professionals, led by group leader Kenneth Walters.
Walters and the EFG will report to Mark Noto (pictured above), senior vice-president and head of commercial and industrial lending.
Noto said he believes there will be numerous cross-selling synergies and opportunities between the EFG and the bank’s commercial and industrial lenders.
The expectation is that many of Investors’ existing business clients will take advantage of the bank’s expanded equipment financing and leasing capabilities.
Kevin Cummings, Investors Bank president and CEO, said: “We welcome this exceptional capital equipment finance team to our commercial and industrial lending group. After reviewing its equipment financing operations, our executive team decided that Walters’ group is the perfect fit for us.
“They know the market, are based in New Jersey, serve clients nationwide, possess solid portfolio management skills, and complement our way of doing business.”