AFN Hires Tom Armstrong as Northern Wisconsin Territory Manager

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:

  1. 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.
  2. 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.
  3. 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.”


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.

American Financial Network to Provide Equipment Leasing to Community Bankers

Midwest equipment leasing veterans Spencer Richman and Richard Homan have launched a new division of American Financial Network, Inc. (AFN). Bankers' Equipment Leasing will provide Midwest community bankers an opportunity to offer equipment leasing to their commercial customer base, a service that historically has been impractical due to lack of expertise and economies of scale. Richard Homan will lead the division building on his successes at BB Community Leasing Services Inc.

"Community banks are exposed to significant competition in the equipment finance arena", states Homan. According to the Independent Community Bankers of America, community banks control approximately 21% of all US banking assets and 58% of all loans to small business. "Despite this market acceptance for traditional bank loans/products, community banks control a negligible portion of all lease receivables. At the same time banks are also experiencing lack of loan demand, net interest margin squeeze and high levels of liquidity. Community banks have the demand and ability to fund these transactions. They simply need the expertise and platform from which to operate. We provide that platform without the fixed investment and overhead of establishing their own business unit" concludes Homan.

Bankers Equipment Leasing is taking a distinctive approach to delivering a unique and sometimes misunderstood product to the community bank market. Unlike other equipment finance companies, Bankers Equipment Leasing will provide a wide variety of options to community bankers to help them increase their loan portfolio and bottom line. They will be able to pick and choose their level of involvement on any given transaction depending on their level of risk tolerance, liquidity, capital level and yield requirements. Banks will be able to generate fees, loans or lease receivables on any given transaction and will have the flexibility to change their approach at any time.

Competing offerings to community bankers appear to fall into one of two categories. The most commonplace product involves a leasing company that offers a fee for a referral. The alternative approach typically involves a leasing company that presents a transaction to a bank for funding. According to Mr. Richman, "...these programs have their merit but have failed to achieve any significant market share for the community bank marketplace. The "fee only" products do not offer enough incentive to actively market the product while the funding opportunity model presents customers who are typically not local or known to the community banker and present a transactional funding opportunity only. Community bankers are just that - they want to build long term relationships in their community".

Mr. Homan has spent 28 years in the financial services industry, including the most recent nine years building a bank-owned leasing company with a similar model. He has worked extensively with 100+ Midwest community banks and understands their challenges. Spencer Richman has owned AFN since 1988. He has developed a large syndication network and specialized underwriting approach that will allow Bankers Equipment Leasing to fund a wide range of transactions. "Size of transaction and client exposures should not matter when we evaluate the ability to fund a given lease", says Richman.

Bankers Equipment Leasing will offer a full complement of equipment finance products to community banks that will in turn be offered to their clients, including vendor finance, municipal leasing, agriculture equipment/real estate fixture finance and all forms of commercial equipment finance. Lease structures will include true leases and loans and will be driven by the end user's desired tax and financial objectives. "We work directly with the commercial lenders to understand their client's need and provide them with the correct product" Homan concludes.

AFN was founded by Spencer Richman in 1988. AFN has developed an impeccable reputation within the equipment finance industry in the areas of business development, credit analysis and "sell-side" syndications. Further, AFN has developed expertise in middle-market, small ticket and municipal leasing. Its volume is primarily driven by vendors, regional bank referrals and direct originations. The company also has investment banking and servicing capabilities. Finally, AFN's professional credentials include, among others, Certified Lease Professional© earned in 1998, NAELB Best Practices Broker designation in 2008 and NAELB Master Member designation in 2007.


Source: Equipment Finance Advisor

Spencer Richman, CLP is elected President of National Association of Equipment Leasing Brokers.

Spencer Richman, of Shaker Heights, Ohio, became president of the largest equipment leasing association in the United States at the Annual Meeting of the National Association of Equipment Leasing Brokers (NAELBä) on May 2, 2009 in Las Vegas.

May 11, 2009 - PRLog -- Mr. Richman is the owner of American Financial Network, Inc., a commercial equipment leasing and financing company in Beachwood, Ohio. American Financial Network has been providing equipment leasing and financing to businesses and municipalities nationwide for over twenty years. The company offers leasing and financing for nearly all types of business equipment including computers, manufacturing equipment, software, vehicles, construction, medical, office equipment and more. Leases range in size from as little as $5,000 to as much as a few million dollars. While bank financing is very difficult to obtain these days, American Financial Network continues to provide funds for companies who need to acquire equipment.

The National Association of Equipment Leasing Brokers was formed more than twenty years ago to serve the interest of equipment leasing companies who broker or sell their leases in the secondary market. The association has experienced phenomenal growth, increasing from a few hundred member companies just a few years ago to over one thousand leasing companies at the end of 2008. NAELB member companies are in all fifty states and Canada and range from small one to two person operations to large national bank owned leasing companies.

The Certified Lease Professional (CLPä) designation that Spencer Richman holds makes him one of only two hundred twenty CLPs in the country. The CLP designation sets the standard for professionalism in the leasing industry. It identifies and recognizes individuals who have demonstrated their competency through continued education, testing and conduct. He also holds the Best Practices Brokerä designation which is a certification from the NAELB which shows the ability to apply the association’s Code of Ethics to business practices. It represents the highest level of commitment to ethical business practices in the industry.

Spencer Richman is a graduate of Northwestern University and founded American Financial Network, Inc. in 1988. He is married and has three children, is an assistant scoutmaster and served on the board of his temple. His interests include reading, skiing, camping and sailing.

Source: PR Log