Crestmark announced that they have acquired TIP Capital’s equipment leasing and asset management business. The wholly owned subsidiary of Crestmark Bank is named Crestmark Equipment Finance, Inc., a Crestmark Bank Company; however during a transition period, the division will continue to operate under the TIP Capital name and out of its current locations at this time to ensure continued strong service quality.
This move will continue to broaden Crestmark financial solutions into the equipment leasing space. TIP Capital is one of the leading independent providers of equipment finance and asset management solutions, with a particular expertise in providing flexible vendor financing programs.
“We are glad to welcome the TIP family into the Crestmark family,” said W. David Tull, Chairman and CEO of Crestmark. “Together we will be able to offer more to all of our stakeholders,” said Tull.
“Getting this to the finish line has been a lot of work for both teams, and I appreciate all they have done,” said Mick Goik, Crestmark President. “Now comes the real fun!”
“We are excited to take the next steps in our growth with Crestmark,” said Scott Grady, TIP Capital President. “This is an exciting time for us and our customers.”
Crestmark is a nationally known and respected FDIC-insured bank that provides innovative financial solutions for small- to medium-sized businesses. Financing solutions include asset-based lending, accounts receivable financing, lines of credit, factoring and machinery/equipment financing. Headquartered in Michigan, Crestmark has locations in California, Florida, Louisiana, Tennessee, New York, and Illinois; and representatives nationwide.
TIP Capital is a leading, independent equipment financing and asset management company headquartered in Bloomfield Hills, Michigan with over $400 million of assets under management. TIP Capital specializes in providing customized “lifecycle management” financing solutions for their clients’ equipment acquisitions throughout the United States, Canada and Mexico.