Thursday, 17 December 2015

LeaseTeam’s ASPIRE To Aid Customers Bank’s New Commercial Finance Business

Customers Bank, a state chartered, full-service US business bank, has come up with a segment to deal with end-to-end lease and loan management solutions called Customers Bank Commercial Finance (CBCF) and have chosen LeaseTeam’s ASPIRE to help them with it.

This new business division would be responsible for providing equipment finance and leasing products and services for customers from different asset classes. Service vendors, independent finance companies, dealers, bank-owned leasing companies and direct customers would also be eligible for these services.

ASPIRE, with an effective single system, will assist CBCF with their plans by making transactions easier; organising the adjudication process better through pipeline management and asset management.

Samuel H. Smith III, managing director of CBCF, explained about the value ASPIRE would add to their plans: “ASPIRE will provide everything in an end-to-end operating system solution that our commercial finance and leasing business was looking for. 

“LeaseTeam understands our unique challenges and is providing customized solutions that will enable us to process our transactions more efficiently while providing the flexibility for our future growth and expansion into new business channels and markets. We are very pleased with the progress we have made as a result of the expert guidance that Randy Haug and his team have provided.”

Randy Haug, co-founder and executive vice president at LeaseTeam said his team would work hard for Customers Bank and its clients’ success.

“We’re delighted to add Samuel H. Smith III and his trusted and experienced team to our growing family of bank equipment finance companies nationwide. The synergies between our group at LeaseTeam and Sam’s team were immediate. We are currently putting our combined years of experience, trust and integrity to work in the deployment of ASPIRE, which is being configured specifically for the success of Customers Bank Commercial Finance and its clients.”

Located in Portsmouth, Customers Bank Commercial Finance (CBCF) is a division of Customers Bancorp, Inc. It is known to provide a number of lease and financing products through vendor as well as direct and capital markets origination channels focused on markets such as industrial, packaging, franchise, plastics, construction, marine among others. Customers Bancorp Inc. engages in public banking services through its subsidiary Customers Bank, where the board of directors includes noted names like Bhanu Choudhrie and Jay S. Sidhu.

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