EagleBank Announces Launch of New Equipment Leasing Program

EagleBank continues to expand its product offerings with the addition of a Full Service Equipment Leasing program. Equipment leasing (both operating and capital leases) is now available for all types of business equipment, which will provide our customers the convenience and flexibility of alternative financing to traditional bank financing. Leasing is a finance option that addresses the customer's need to manage cash flow and credit lines, protects them from equipment obsolescence, and allows for upgrades or additional equipment to meet their changing needs. Equipment leasing services will be offered through EagleBank Leasing Services – an alliance between EagleBank and The ELEX Group, Inc. (an independent leasing company with over 40 years of experience in the industry). "Offering a business equipment leasing program is the next step to providing full service banking for our commercial customers. With an equipment leasing product, EagleBank can now provide our customers with another alternative for financing their capital equipment, an important step in expanding their business. The equipment leasing program enhances our current product offerings and allows us to provide up to a 100% financing solution to satisfy the varying requirements of our business customers," said Chairman and CEO Ronald D. Paul. "Many business customers prefer the ease and efficiencies of leasing their needed equipment, and we are pleased to be able to provide them with that option through our partnership with ELEX," stated Lindsey S. Rheaume, Executive Vice President & Chief C&I Lending Officer.