Client
Croghan Colonial Bank
Founded
1888
Headquarters
Fremont, Ohio
Background
Croghan Colonial Bank offers personal and business banking, lending options, and trust/investment management services to their customers and clients.
CCB’s existing customer, Borgers Ohio, had a substantial equipment lease with a different bank. Borgers’ equipment lease with this other bank was reaching its expiration, and Borgers needed to pay off the other bank and move the lease elsewhere.
Borgers intended to consolidate more of their financial assets under CCB. With this effort in mind, Borgers requested that CCB buy the equipment from the other bank and instate a new equipment lease between Borgers and CCB.
The interest in a lease rather than a loan came down to cost for Borgers. Leases come with lower payments than loans, making this option a better fit.
Borgers’ request is where the challenge came in and CCB needed an equipment leasing solution. CCB does not have its own equipment leasing product. CCB knew they wanted to strengthen their bond with Borgers and provide an equipment lease, but did not have a mechanism in place for the demand at the time.
Because of the ask for an equipment lease, Borgers brought in American Financial Network (AFN) to help out.
Overview
Croghan Colonial Bank’s (CCB) client, Borgers Ohio, sought to fund a large equipment lease through CCB rather than their current provider. They also wanted to pay off their current provider’s lease in full.
Challenge
Croghan Colonial Bank doesn’t provide leases as a part of their financial offerings, and had to find a way to meet their client’s need for a large equipment lease to enhance their relationship.
The Equipment Lease Management Solution
AFN partnered with CCB to write the equipment lease and enable the long-term partnership between CCB and Borgers Ohio to grow and flourish. AFN’s lease provided Borgers Ohio with the equipment lease they hoped for, and provided CCB with the ability to book a loan (to fund the lease) for their client.
Outcome
AFN’s equipment lease management solution has increased CCB’s loan volume and satisfied its client.
“I am particularly proud of the transactions that we helped to facilitate with Borgers and CCB because CCB asked us to look at a big risk (in terms of dollar amount) for a customer whose credit was complicated and not a slam-dunk.
It took a lot of work by experienced professionals on our team to get a deep understanding of the customer and the equipment that they wanted us to lease.”
-Spencer Richman, President of AFN

AFN’s Equipment Lease Management Approach
With over 30 years of leasing industry experience, AFN came prepared to help CCB provide Borgers with an equipment lease. With thousands of leases written over the years, AFN has familiarity with leases of all sizes and virtually all industries, positioning AFN to be prepared for any challenge.
CCB requested that AFN meet two major goals:
- Manage structuring, writing, and owning the lease
- Lease funding
AFN saw these two objectives and knew that they could exceed CCB’s expectations. AFN also recognized that CCB could turn these challenges into further future success. With that in mind, AFN was also determined to help CCB reach even more opportunities through leasing.
How AFN Helped CCB
AFN worked with CCB to build the most beneficial result for their situation.
- Expertise:
- AFN’s knowledge of the lease management world provided CCB with all of the information and guidance necessary to satisfy Borgers and future customers.
- Negotiation Management:
- AFN managed all of the negotiations with Borgers to create the new lease structure. AFN also represented CCB as a partner throughout these negotiations with professionalism and expertise.
- Lease to Loan Transformation:
- AFN successfully built a method to enable CCB to continue and strengthen its connection with Borgers via an equipment lease. AFN turned the lease into a plain vanilla loan that CCB could write, which then funds AFN’s lease with CCB.


How AFN Helped Borgers
AFN worked with CCB to build the most beneficial result for their situation.
- Expertise:
- AFN’s knowledge of the lease management world provided CCB with all of the information and guidance necessary to satisfy Borgers and future customers.
- Negotiation Management:
- AFN managed all of the negotiations with Borgers to create the new lease structure. AFN also represented CCB as a partner throughout these negotiations with professionalism and expertise.
- Lease to Loan Transformation:
- AFN successfully built a method to enable CCB to continue and strengthen its connection with Borgers via an equipment lease. AFN turned the lease into a plain vanilla loan that CCB could write, which then funds AFN’s lease with CCB.
How AFN Helped Both CCB and Borgers
There were a couple aspects of this project that were important to both parties.
- Communication:
- Communication is key in any kind of relationship – but when there are multiple teams involved in a long-term financial union, it is absolutely crucial. AFN has continued to play an integral role in keeping discussions clear, informed, and up-to-date between all groups involved.
- COVID-19 Restructures:
- Additionally, the ongoing ramifications of COVID-19 played a part in this leasing project. AFN led COVID-19 related lease/loan restructures that satisfied both CCB and Borgers.

“When working with AFN, my expectations are always met and often exceeded. Everyone at the company is prompt, professional, and knows what they’re doing. Our mutual customers are also always pleased with their experience with AFN.
AFN brings real expertise to the table when it comes to credit underwriting, deal structuring, and contract negotiations. We know that we’ll receive complete credit packages and well thought-out underwriting commentaries when we receive a deal from them.
AFN is a relationship leasing partner, not simply a transaction shop. This relationship approach applies to how AFN works with the bank team and our customers, which reinforces the value proposition the bank strives to deliver.”
-Chris Kelly, Chief Credit Officer of Croghan Colonial Bank
AFN's Equipment Lease Managment Results
AFN provided CCB with a plan that brought value to everyone involved. Borgers Ohio received the equipment lease that they sought. CCB got to write the loan for the customer. AFN provided the lease for CCB.
However, AFN’s support for CCB didn’t stop with providing this equipment lease. By identifying CCB’s goals and recognizing opportunity, AFN created a two-pronged approach to helping CCB both retain their current customer while finding new customers as well.
AFN’s approach for CCB created a valuable mutually beneficial union:
- AFN brings client opportunities to CCB that are AFN equipment-leasing customers seeking a bank or funding. AFN then borrows money from CCB to fund those equipment leases.
- CCB finds equipment leasing opportunities in its own customer base, and brings these opportunities to AFN to write the lease. In turn, CCB underwrites the lease and lends the money to AFN.
AFN’s partnership with CCB led to increased loan volume on CCB’s books, and opened the door to future opportunities for new customers seeking equipment loans.
Since this initial project, AFN has driven 5 leases with Borgers Ohio and CCB for a total of about $6.5MM.
On top of the Borgers Ohio projects, AFN has enabled another additional $8MM transaction with another CCB customer. The team also has another $3.2MM of other deals approved that are currently in the process of booking.