First American Equipment Finance Clients Increase Use of Digital Tools, Company Announces 70% Annual Growth
Fairport, NY Company Added 25 New Positions
Fairport, NY, February 16, 2018 – First American Equipment Finance announced that the company grew its new business volume by 70% in fiscal 2017, surpassing $1 billion for the first time. This was the company’s 5th straight year of greater than 25% growth. The 20+ year-old business has tripled new business volume in the past three years, from $329.9 million in 2014 to $1.029 billion in fiscal 2017.
First American is expecting further growth in 2018 and will be hiring 30 professionals at its newly expanded Fairport, NY headquarters, which was designed entirely by colleagues for their unique distribution and service model.
“Our growth is the result of the hard work and dedication of our colleagues,” said Alan Sikora, CEO. “They are successfully combining digital experiences with personalized service – which our clients tell us helps them execute on their growth strategies.”
In recent years, the company developed a proprietary fintech platform, enabling clients to price, structure and fulfill their equipment finance needs 100% electronically. And live video conferencing is popular among clients for collaboration and review of financing strategies. These digital innovations provide unique tools for clients to meet their increasingly more demanding business goals.
“When we earn the opportunity to work with each client, we customize that experience to their specific preferences,” said Adam Fay, SVP of Operations. “A growing number of our clients prefer our app and e-signature platform. Others still favor a live meeting and traditional documentation.”
“The key for us is understanding the right mix of digital and personal experiences,” said Mike Wiedemer, National Sales Director. “And flexibility is critically important.”
About First American Equipment Finance
First American Equipment Finance is a wholly owned subsidiary of Los Angeles, CA-based City National Bank. First American is ranked among the largest equipment finance companies in the United States, and provides commercial equipment financing to the most creditworthy and sophisticated commercial borrowers throughout the country.