Bank of West Equipment Leasing New Program

Jerry Newell, CLP, Executive Vice President of Bank of the West Equipment Leasing announced the formation of a new equipment leasing business, National Middle Market Leasing.

He has been with the bank for seventeen years, including 9 ½ years in charge of the leasing division, growing it from $30 million in assets to $800 million in assets today, booking $409 million in business last year which is expected to exceed over $500 million this year.

"The Bank has been expanding and is about to close two acquisitions that will bring total assets to $40 billion", he says. "We want to expand our leasing business also."

Bank of the West was one of the last to get into the “application only” business, with guidelines and different rate structure than with full financial statements and tax returns.

" It also last year began offering a medical " application only" product that is expanding, plus “municipal” leasing, especially since Bank of the West has started a unit taking government deposits.

“We like leasing, it's that simple,” Newell explains. “This middle market is relatively new to us, and at the same time, we want to continue to expand our present market place.

“This unit will directly market mid-ticket leases ($1 million to $10 million) to middle market companies through a network of direct lease officers located in major metropolitan areas nationwide, “he said.

“ Peter Lofquist, formerly President of Mellon U.S. Leasing and most recently President of Banknorth Leasing Group, will join Bank of the West to direct this new business initiative. 

“Doug Hatch, VP has been promoted to Manager of Indirect Leasing. Doug has been with Bank of the West for 21 years and has been the Credit Manager of Indirect Leasing for the last nine years. In his new capacity, Doug has overall responsibility for our national broker funding business, “ Newell said, adding, “This promotion is well deserved and I am sure you will all join me in congratulating Doug."

Reporting to Peter Lofquist also, Mike Przekop, VP and Manager will be expanding Bank of the West Equipment Secondary Markets business.

“This unit now purchases small ticket lease portfolios and will begin purchasing syndicated middle market lease transactions nationwide also.” he explained.

“Adolph Chang, SVP has joined us as Equipment Leasing Credit Manager with credit responsibility for all Bank of the West equipment leasing units. Adolph comes to us from our sister company, First Hawaiian Bank, where he held positions of increasing responsibility during his 25 year career. “

“These developments underline Bank of the West's commitment to the Equipment Leasing industry. Building on 30 successful years as a broker funding source, “ Newell concluded. “ Bank of the West has developed a full service leasing business that also includes Direct Leasing for Bank of the West customers and through our wholly owned subsidiary, Trinity Capital, Vendor Leasing and Lease Management Services.”

“We appreciate our relationship with our Broker and Discounter partners in equipment leasing and we thank them for their continued business.”

Leasing News could not find photograph in our files on Mr. Newell, but we do have one of Doug Hatch, taken in 1993: