Rick Barry, President of Merchants Bank Equipment Finance (MBEF), has been elected to a two-year term on the Equipment Leasing and Finance Association’s (ELFA) Financial Institutions Business Council Steering Committee, according to an announcement from ELFA.
“The reason I wanted to serve on this committee is to provide an additional voice to the community banking segment of our industry,” said Barry.
Barry is one of 20 committee members representing bank-related and other financial institutions (commercial banks, investment banks, and multi-line finance companies) engaged in the middle-market and large-ticket sectors. The committee analyzes the needs of companies in this segment and recommends to the Board of Directors how to meet those needs. The committee is one of five primary constituent bodies at ELFA.
“Having Merchants Bank Equipment Finance represented on the Steering Committee provides a voice to the needs and priorities of the small and medium-sized businesses we serve,” Barry said. “One of the responsibilities of the committee is to lobby our representatives in Congress on behalf of our institution and our customers.”
MBEF primarily provides equipment lease and loan financing options to businesses located throughout the central U.S. and also partners with other finance companies in equipment finance transactions outside its marketing footprint. MBEF finances tangible assets over terms of 2 to 10 years on equipment with values generally ranging from $50,000 to over $10 million. MBEF serves many industries, including construction, transportation, healthcare, manufacturing, food and agriculture.
Merchants Financial Group, Inc. (MFGI), the parent company for MBEF and which also owns 21 Merchants Bank locations in Minnesota and Wisconsin, has more than $1.6 billion in assets and is one of the largest independent financial organizations in its region.
ELFA is the trade association that represents companies in the $1 trillion equipment finance sector, which includes financial services companies and manufacturers engaged in financing capital goods. ELFA members are the driving force behind the growth in the commercial equipment finance market and contribute to capital formation in the U.S. and abroad. Its 575 members include independent and captive leasing and finance companies, banks, financial services corporations, broker/packagers and investment banks, as well as manufacturers and service providers.