Associated Bank Expands Auto Finance Business

By Staff Writer September 14, 2021

Associated Bank recently announced the further build out of its Auto Finance vertical, the broadening of its Asset-Based Lending team and the formation of a new Equipment Finance vertical.

As previously announced, the company is expanding its consumer lending portfolio to include Auto Finance with a team led by Craig Stickney. He brings decades of auto finance experience. Associated also hired over 40 people with expertise in auto finance, including several with senior leadership experience in the industry. The company continues to build out the infrastructure, having established agreements with over 550 auto dealerships as of Sept. 1 and expects to begin booking loans early in the fourth quarter of 2021.

The company has deepened its existing Asset-Based Lending team by hiring Raymond Temple, who brings more than 25 years of experience and is expected to lead a team of multiple colleagues by year-end.

Progress on the new Equipment Finance vertical has been initiated with a full launch anticipated in the first quarter of 2022. The new vertical will be supported by a team of multiple specialists with hiring expected to begin in the fourth quarter of 2021, positioning the company to quickly stand up production. This new vertical further broadens the company’s commercial loan mix and provides meaningful opportunities to deepen relationships with our existing Midwest manufacturing client base.

“Given the strength of our Midwest markets and our already solid foundation, we have a significant opportunity to strategically drive revenue growth across our core business lines while also expanding our portfolio,” said Andy Harmening, president of Associated Bank. “Building on our momentum over the last 120 days and capitalizing on the strengths of our franchise, our growth focused and digital forward initiatives will position us to deliver higher shareholder returns.”

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Last modified on Monday, 20 September 2021 13:56