Equipment financing leader Richard Barry has been named President at Merchants Bank Equipment Finance (MBEF), according to Rodney R. Nelson, CEO of Merchants Financial Group, Inc. (MFGI).
Barry started November 14, allowing him time to work alongside current MBEF President Brad Brolsma through the end of the year and learn first-hand about MBEF’s growing customer base. Brolsma is retiring December 31, after 14 years with MBEF.
“Rick has tremendous experience and connections in the equipment financing industry. We are excited he has joined our team and will be leading Merchants Bank Equipment Finance,” Nelson said. “We are very pleased that he will have some time to work with Brad to learn about our key customer relationships that we value so greatly.”
Barry brings extensive industry experience, including nearly 20 years working in equipment finance with GE, TCF, and, most recently, U.S. Bank.
“MBEF has an excellent and growing reputation in our industry for providing smart and strategic answers to its customers,” Barry said. “I’m looking forward to working with the team Brad has put together and continue the growth with both new and existing customers through providing the best in service and solutions.”
MBEF provides equipment financing options to businesses located throughout the Upper Midwest and also partners with other finance companies in equipment finance transactions outside of its marketing footprint. Founded in 1988, MBEF works to meet the needs of its customers across many industries, including construction, transportation, healthcare, manufacturing and food and agriculture.
MBEF is located in Edina. In addition to MBEF, MFGI owns Merchants Bank locations, including Minnesota locations in Winona, St. Charles, Goodview, Rochester, Rushford, Lanesboro, Caledonia, La Crescent, Spring Grove, Cannon Falls, Red Wing, Hampton, and the southern Twin Cities metropolitan suburbs of Apple Valley, Cottage Grove, Hastings, Lakeville and Rosemount. Merchants has Wisconsin locations in Eau Claire and Onalaska. All banks are FDIC members and equal housing lenders.