The leasing firm is continuing its expansion as it grows its financial footprint in the northern Wisconsin area
Cleveland, OH, November 22, 2022 – American Financial Network (AFN) is excited to welcome Tom Armstrong as its Territory Manager in Northern Wisconsin. Armstrong started with AFN in September of this year, and he has already made an extensive and profound impact on its clients.
“Tom brings a wealth of experience to AFN,” says Spencer Richman, AFN Founder, Owner, and President. “He practiced ‘relationship banking’ for thirty years and understands the importance of building relationships with clients that last. I am confident that Tom’s desire to help his customers grow and thrive will complement AFN’s flexible and creative capabilities to provide lease financing for the equipment that they need.”
Experience Shown Through Immediate Results
Armstrong quickly exemplified his vast experience and expertise through his work. For instance, during his first 60 days with AFN, Amstrong successfully closed 3 leases:
- Pemble Logging: Armstrong and AFN worked with Pemble Logging to save a significant amount of money by creating a solution to use logging machinery and equipment as collateral to pay off a bank loan.
- Shades Concrete LLC: Shades Concrete needed a new CASE skid-steer, but lacked the credit history. AFN found valuation in previously-owned work vehicles, and leased the new skid-steer.
- The Car Washer: The Car Washer’s mechanical car wash unit needed to be replaced. Understanding the value the business would actualize if they had a new unit, AFN structured a lease to get the necessary equipment.
Richard Homan, Owner and Vice President of AFN, looks forward to seeing Amstrong increase the Company’s presence in the Northern Wisconsin region and help it expand its financial footprint in the Midwest at-large:
“We are excited about having Tom on board to assist our northern Wisconsin and Michigan UP business development effort. Tom is a long-time resident of the area, a seasoned lender and former bank President. Besides being qualified, he is just a great guy with a serving attitude. He will be well positioned to help bankers find unique financing solutions for their clients that maximize their cash flow during all business cycles.”
Success-Driven Background Combined With Community Impact
Armstrong spent 27 years at First National Bank in Park Falls, Wisconsin. As CEO and President, Armstrong nearly doubled the size of the Bank’s assets and more than doubled its profits. It is worth noting that his final three years at First National Bank were the most profitable in the Bank’s history in an economically challenged area.
Armstrong also served on the Federal Reserve Board of Directors of Minneapolis from 2014 to 2020. He spent many years as a high school baseball coach and was elected to the Wisconsin Baseball Coaches Association Hall of Fame in 2020.
Commenting on furthering his professional mission and success with AFN, Armstrong states:
“[I am] happy for the opportunity to work with AFN. Being a former banker, I feel there is a great need for the types of deals that AFN can provide when traditional bank funding may not be available.”
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About American Financial Network
Founded in 1988, American Financial Network (AFN) has more than 30 years of leasing industry experience. AFN has written leases of all sizes and in virtually every industry. AFN’s professional credentials include Certified Lease & Finance Professional (CLFP)™, AACFB Best Practices Broker™, AACFB Master Member™, and much more. Bankers Equipment Leasing, a division of AFN, focuses on providing equipment finance to commercial customers of community banks.