Midland States in Ill. revamps equipment finance unit

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Midland States Bancorp in Effingham, Ill., has overhauled the equipment lending business it bought two years ago.

The $4.3 billion-asset company said in a press release Monday that it will rebrand Heartland Business Credit as Midland Equipment Finance. The company also named Fred Van Etten as the unit's president.

Van Etten, who previously served as president of Scottrade Bank Equipment Finance, is joining Midland as part of a team of former Scottrade lenders. The move will allow Midland to add more products, Leon Holschbach, the company's CEO, said in the release.

Toronto-Dominion Bank bought Scottrade Bank's parent company in September.

“Not only will the size of our equipment financing team expand, but we will also expand our offerings to include loans, leases and hybrid products to better serve the needs of this market,” Holschbach said.

“Bringing our equipment financing operations more squarely into our banking footprint will allow our bankers to offer additional financing and leasing options to our business customers," he added.

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