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Regions Bank Equipment Finance Builds Technology Solutions Platform, Hires Veteran Banking Team
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Positive)
Tags
management
Rhea-AI Summary
Regions Financial Corporation has announced the expansion of its Regions Equipment Finance Corporation (REFCO) with a new Technology Solutions platform. This initiative will be led by banking veteran Jay Cannon, who brings 40 years of experience in the finance sector. The platform aims to provide tailored financing and leasing options to clients, focusing on technological advancements for operational efficiency. REFCO is already a top 10 equipment finance company in the U.S., and this move is expected to enhance its offerings in the rapidly growing technology financing segment.
Positive
Launch of the new Technology Solutions platform aimed at enhancing client financing options.
Leadership of Jay Cannon, bringing extensive industry experience to the REFCO team.
REFCO's position as a top 10 U.S. bank-owned equipment finance company.
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Jay Cannon, Mark Moro, and Riley Thompson bring decades of technology finance and leasing experience to serve Regions’ business clients.
BIRMINGHAM, Ala.--(BUSINESS WIRE)--
Regions Bank on Thursday announced the Regions Equipment Finance Corporation (REFCO), a subsidiary of Regions Bank, is expanding its specialty capabilities to include a new Technology Solutions platform and team. The platform will be led by 40-year banking veteran Jay Cannon, who recently joined Regions and will serve as REFCO’s Technology Solutions market manager and South Central Technology Solutions relationship partner.
Pictured, from left to right: Jay Cannon, Mark Moro, and Riley Thompson - Regions Bank (Photo: Business Wire)
REFCO is a top 10 U.S. bank-owned equipment finance and leasing company delivering customized solutions that connect businesses with capital for a wide range of equipment needs. The new Technology Solutions platform will deliver both financing and leasing options for REFCO clients with a focus on empowering businesses to maximize efficient operations through technology while building long-term growth and successfully navigating today’s complex, tech-driven business landscape.
“Technology Solutions will continue to be one of the fastest-growing segments of the equipment finance industry, and by welcoming Jay Cannon and his team, Regions Bank and REFCO are well positioned to meet even more needs for clients seeking custom-tailored advice, guidance, and solutions,” said Will Perry, managing director and head of REFCO. “As companies continue to digitize, move to cloud-based operations, and improve digital security, our team will provide leading-edge insights, helping clients guard against obsolescence while leveraging best practices designed to support and enhance their operations not only today – but also well into the future.”
Prior to joining Regions, Cannon served as eastern region manager for U.S. Bank’s Technology Finance Group. He began his career with Graybar Electric, Inc. and moved into the finance industry with First U.S. Financial Corporation in 1981. Cannon has also served in leadership roles with Bombardier Technology Management Finance, Mellon U.S. Leasing Corporation, and IBM Credit, LLC.
Cannon will be joined by Mark Moro and Riley Thompson, who also previously served U.S. Bank’s Technology Finance Group. Together, the team brings over 100 years of banking and relationship management experience with deep roots in equipment and technology financing. Prior to U.S. Bank, Moro worked in the technology industry supporting leasing and project financing. Thompson met business banking needs for clients during more than 20 years at U.S. Bank.
REFCO’s teams collaborate with Regions’ bankers to deliver an optimized client experience for businesses seeking customized insights and efficient, flexible financing solutions tailored to individual equipment needs, ownership requirements, and tax considerations. Through the Regions360 approach to service, Regions’ clients benefit from having a team of financial professionals from various departments who work collaboratively to offer practical options designed to help clients reach their own, unique goals.
The new Technology Solutions platform and team represent REFCO’s sixth specialized segment group. Additional groups include Equipment Finance and Leasing; Solar Tax Equity; Government, Institutional, and Tax-Exempt Financing; Equipment Syndications; and Asset Portfolio Management.
About Regions Financial Corporation
Regions Financial Corporation (NYSE:RF), with $156 billion in assets, is a member of the S&P 500 Index and is one of the nation’s largest full-service providers of consumer and commercial banking, wealth management, and mortgage products and services. Regions serves customers across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates more than 1,300 banking offices and approximately 2,000 ATMs. Regions Bank is an Equal Housing Lender and Member FDIC. Additional information about Regions and its full line of products and services can be found at www.regions.com.
What is the new Technology Solutions platform at Regions Financial Corporation?
The new Technology Solutions platform at Regions Financial Corporation aims to provide tailored financing and leasing options for businesses, focusing on maximizing operational efficiency through technology.
Who leads the new Technology Solutions platform at REFCO?
The new Technology Solutions platform at REFCO is led by Jay Cannon, a banking veteran with 40 years of experience in the finance sector.
What does the launch of the Technology Solutions platform mean for REFCO clients?
The launch of the Technology Solutions platform is expected to offer REFCO clients enhanced financing solutions tailored to their technology needs, helping them navigate the complex tech-driven business landscape.
How does the Technology Solutions platform impact Regions Financial Corporation's market position?
The Technology Solutions platform positions Regions Financial Corporation to meet growing client needs in technology financing, potentially increasing its market share in the rapidly evolving equipment finance industry.
