TAB Bank in Utah Hires Three Equipment-Leasing Execs

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Editor's note: The headline and lead of this story have been updated from the original.

TAB Bank in Ogden, Utah, has hired three executives to pump up its equipment-leasing division.

Mark Carpenter, Eric Sheehan and Nathan Farnsworth will be responsible for the development and underwriting of new commercial and equipment leasing transactions. They previously worked at $744 million-asset Republic Bank in Bountiful, Utah.

The new additions bring to TAB "several key relationships within the commercial finance and equipment leasing industries," the $876 million-asset TAB said Tuesday.

Carpenter, who has more than 20 years of commercial lending and equipment leasing experience, was the chief credit officer at Republic. He also spent time at Wells Fargo Equipment Finance as a credit manager.

Sheehan has specialized in the development, implementation and oversight of credit policies and procedures during his career. He served as a credit and underwriting manager for several institutions including AmericanWest Bank and Citigroup (NYSE:C). While at Republic, he provided underwriting and financial analysis of lease transactions and negotiated lease rates, terms and covenants.

Farnsworth assisted in managing a portfolio of various commercial leases and loans to hospital, skilled-nursing facilities, senior living centers and medical equipment manufacturers at Republic. He has experience in credit, underwriting, financial analysis, collateral evaluation, account management and deal structuring.

An increasing number of banks, including Bank of Birmingham in Michigan and Taylor Capital Group (TAYC) in Rosemont, Ill., have turned to equipment financing as a way to bolster their bottom lines.

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