First Commonwealth Financial in Indiana, Pa., has created an equipment finance division.
The $9.4 billion-asset company said in a recent press release that it had hired Rob Boyer to serve as president of First Commonwealth Equipment Finance Group.
Boyer recently served as a senior director at TCF Bank, according to his LinkedIn profile. He was also president of Susquehanna Commercial Finance from October 1998 to February 2021.
Boyer “brings vast experience in running an autonomous, multi-faceted equipment finance business seamlessly within a banking environment,” T. Michael Price, First Commonwealth’s CEO, said in the release.
“The ‘people and customer first’ culture of First Commonwealth, along with its scale and aggressive growth goals, are what attracted me to starting an entirely new business line,” Boyer said. “The executive team truly walk the talk from a culture perspective and were great to work with in developing the strategy into action.”
First Commonwealth has added several businesses in recent years, forming a mortgage operation in 2014 while expanding its dealings in SBA and indirect auto loans.
The company said it expects the equipment finance business, which will be based in the Philadelphia area, to break even late next year.