MICHAEL MAIORINO (PEOPLE’S UNITED BANK)
Complementary Brands, United in Mission
People’s United Bank has been expanding its reach in the equipment finance area. To learn about the strategy behind the bank’s recent acquisitions and its future goals, Monitor editorial board member and chief marketing officer at Leaf Commercial Capital, Michelle Speranza, interviewed Michael Maiorino.
Over the last few years, People’s United has acquired LEAF Commercial Capital, Vend Lease Company and, most recently, VAR Technology Finance. How have these acquisitions contributed to your overall strategy in the equipment finance market?
Our acquisitions of LEAF, Vend Lease, and VAR were chosen to allow us to bring a more comprehensive, specialized solutions offering to the marketplace, as well as diversify our lending portfolio. We look specifically at industries or segments of industries that are significantly different than or complementary to what we’re currently doing. But our acquisition strategy isn’t just about breadth. It’s about depth, bringing the best offering to every market we serve, so we’re careful to select acquisitions that not only expand our market opportunities but also bring additional strengths, industry exposure and capabilities to our organization. As far as future growth is concerned, we’re always looking for opportunities to augment our organic growth strategy with acquisitions that add reach and strength to our portfolio.
People’s United Equipment Brands achieved a 19.7% year-over-year increase in new business volume from 2017 to 2018. What factors led to this result?
Strong organic expansion has played a major role in our year-over-year growth, as has the strategic acquisition of fantastic companies that are leaders in markets complementary to our own. We acquire organizations and people who understand their client’s unique needs and the markets they operate in, supporting the unique value they bring to the markets they serve and provide the resources that allow them to become even greater. In turn, their strengths become available to leverage throughout the organization, driving accelerated growth across business lines. In addition, we have a common culture that values independent thinking, creativity, relationships, and the drive to always push beyond good to great. Growth is generated by your people, and ours are some of the brightest and hardest working in the industry.
In the past, People’s United Equipment Finance, People’s Capital Leasing and LEAF Commercial Capital reported their Monitor 100 results separately, but this year they have been combined under your leadership of Specialized Businesses. What can we expect from your leadership?
Specialized Businesses at People’s United are viewed as a complementary integrated brand that’s unified in its mission and strategy. Each is comprised of a variety of distinct, best-in-class market leaders with individual strengths and a specialized skill and knowledge-set unique to their industry focus. Every brand within Specialized Businesses maintains its own qualities and approaches to client service, while simultaneously leveraging the combined strength of People’s United to deliver solutions that are as tailored and distinct as our clients are. If one has a more optimal process for handling a particular business function, for example, it’s shared throughout the organization.
We’re careful to preserve the unique qualities of each company, and each has its own function, scope, and importance. We believe by working together we can drive value that’s even greater than the sum of the parts.
That’s our vision for Specialized Businesses: a specialized network of distinct brands working separately and together to offer additional value to customers through relationships, specialized in-market expertise and solutions that matter, to further strengthen the overall People’s United brand and customer offering. •