Bank of Birmingham Offers New Business Equipment Leasing Services

BIRMINGHAM - Rob Farr, president/CEO of The Bank of Birmingham has announced the expansion of its business services to include equipment lease financing. Equipment lease and finance transactions enable companies to acquire the equipment they need to grow their businesses and according to the Equipment Leasing and Finance Association accounts for $628 billion in financing annually.

According to Farr, Bank of Birmingham now offers a broad range of equipment lease and finance structures to help new and existing bank customers obtain the equipment needed to operate and grow. The bank will finance most equipment types, including manufacturing, construction and transportation equipment. Structures will include finance leases, discounted leases, warehouse lines of credit and vendor programs.

“We are proud to be one of the first community banks to offer this important form of business financing,” said Farr. “At Bank of Birmingham we continue to identify additional services to meet the growing needs of our customers – both commercial and consumer. Our customers and other businesses rely on equipment financing to grow their businesses and we look forward to working with them.”

Farr added that Bank of Birmingham works with its customers as partners to find the best financing and investment solutions. Equipment financing benefits and solutions can include:

100 percent financing, allowing businesses to keep more working capital in the business;
highly competitive rates;
flexible repayment structures that can adjust for seasonal cash flows;
potentially favorable tax treatment and reduced balance sheet leverage;
flexibility in meeting capital budget limitations;
liquidity and availability from the primary banking relationship can be maintained.

Farr selected Robert W. Leonard to be EVP – equipment leasing division. He has extensive experience in the equipment leasing industry. Leonard has managed other bank leasing businesses, and has been a principal with a privately-owned equipment leasing advisor.