Midland States Bank announced Midland Equipment Finance (MEF), its business equipment financing division, has been recognized by The Monitor as the 48th largest U.S. bank-owned equipment finance company by total assets and 42nd largest by new business volume based on its 2018 year-end financials.

MEF reported 2018 year-end total originations of $376.2 million and 2018 new business sales volume of $254.6 million. The division surpassed $500 million in total originations at June 30, 2019, 18 months after its founding.

“Our recent rankings and milestones validate the effectiveness of our business model, origination process, corporate support and culture which we intend to continue building on,” said Fred Van Etten, President of MEF. “Our team continues to build new relationships, strives to offer unparalleled service, and eagerly supports the success and ambitions of American businesses with quality finance products and competitive pricing.”

MEF finances equipment assets in the manufacturing, construction, transportation, waste, healthcare and other industries, from a network of national sales offices, supported by operations hubs in St. Louis and Denver.