Friday, January 10, 2014

TD Bank names Charlotte equipment finance manager

TD Bank said it has named a Charlotte-based senior regional manager to grow its equipment finance business in the Southeast.

Paul Menconi, who worked for Wells Fargo before joining TD Bank, will be responsible for generating new business with Fortune 1000 companies, the bank said.

His hire comes at a time when the equipment finance sector is undergoing sluggish demand for loans. Last month, the National Association of Development Companies said small-business commercial real estate and equipment finance loan volume is at its lowest in nearly three years.

Banks and companies that provide equipment financing reported a drop in confidence in December from November, according to an index report from the Equipment Leasing and Finance Foundation. The report, based on responses from 50 industry officials, found 78.8 percent expect business conditions to remain the same over the next four months.

TD Bank is based in Cherry Hill, N.J. It is the 14th largest bank in the U.S. by assets and a subsidiary of The Toronto-Dominion Bank of Toronto.