New Hires/Promotions in the Leasing Business
and Related Industries

Katie Baker, CLFP recently joined Powernet Co. as their Channel Sales Manager in February 2026. She brings over 20 years of experience to this role, including a strong background in commercial finance as the founder of MC² Finance and leadership roles in organizations like the AACFB and the Used Truck Association.

Drew Gaberseck has recently started a new position as Senior Finance Manager at ElmBlue Equipment Finance. Drew brings significant experience to the ElmBlue team:

• Experience: 10+ years in the equipment finance industry.
• Specialties: Deep expertise in vendor relationships and partnership development.
• Accolades: A 5-time President's Club and Winner's Circle Award winner.
• Education: A Finance and Marketing graduate from the University of New Hampshire (UNH).

Britni Lovlien as their new Director of Sales & Ops Enablement at ElmBlue Equipment Finance. Background: Britni joins the team with over 10 years of experience in equipment finance, most recently spending a decade at First Citizens Bank. Accolades: She is a Monitor Magazine NextGen Award winner and a Certified STRIPES Leader.

Grant Mergen was hired as Credit & Syndication Analyst III, AP Equipment Financing. Previously, he was Credit Analyst, Stearns Bank N.A. (December, 2024 - March, 2026); Credit Analyst, Oakmont Capital Services (May, 2022 - December, 2024).
https://www.linkedin.com/in/grant-mergen-4053a2196

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Equipment Finance Industry Confidence Dips in March

The Equipment Leasing & Finance Association (ELFA) released its March 2026 Monthly Confidence Index for the Equipment Finance Industry (MCI), revealing confidence in the equipment finance market is 61.0, a decrease from 67.6 in February, but within range of index levels over the past nine months. The index provides a qualitative assessment from key executives in the $1.3 trillion equipment finance industry.

March 2026 MCI-EFI Survey Comments from Industry Executive Leadership:

Charles Jones, Senior Vice President, 1st Equipment Finance, Inc.,
"Fear over tariffs has settled. The sky wasn't falling. If economic conditions continue to improve and foreign relations do not deteriorate further, we should see growth."

Daryn Lecy, CLFP, Chief Operating Officer, Oakmont Capital Services,
"The continued strong performance of our portfolio paired with a normal to enhanced seasonal origination pace helps us maintain confidence in the short term."

 Jeffry Elliott, CLFP, CEO, Elevex Capital
"I'm optimistic about potential increased capex due to onshoring, but global economic uncertainty halting capex decision-making is a concern."

ELFA Report on Business Conditions – When assessing the next four months, 29.2% of responding executives believe business conditions will improve, down from 37.5% in February. Those who believe business conditions will remain the same decreased to 54.2% from 58.3% the previous month. The percentage of executives who believe business conditions will worsen increased to 16.7% from 4.2% in February.

Capex Demand –37.5% of the survey respondents believe demand for the next four months, for leases and loans to fund capital expenditures (capex) will increase (down from 45.8% in February). Additionally, 50% expect demand to remain the same (down from 54.2% last month), and 12.5% believe demand will decline (up from none in February). 

Access to Capital –25% of respondents expect greater access to capital to fund equipment acquisitions over the next four months will decrease from 33.3% in February. The majority (70.8%) anticipate the “same” access to capital to fund business, an increase from 66.7% the previous month. Those expecting “less” access to capital increased to 4.2%, up from none in February.

Employment – Regarding employment over the next four months, 37.5% of executives expect to hire more employees, a decrease from 45.8% in February. Also, 58.3% foresee no change in headcount (up from 50% last month), and 4.2% expect to hire fewer employees, unchanged from February

Key Takeaways:

• U.S. Economy – Of the respondents, none evaluate the current U.S. economy as "excellent,” down from 4.2% in February; 100% assess it as "fair," up from 95.8% last month; and none evaluate it as "poor," unchanged from February.
• Economic Outlook –20.8% of respondents believe that U.S. economic conditions will "get better" over the next six months, a decrease from 33.3% in February. Another 54.2% expect the U.S. economy to "stay the same,” down from 58.3% last month, and 25% believe economic conditions will worsen, an increase from 8.3% in February.
• Business Development Spending –50% of respondents believe their company will increase spending over the next six months on business development activities, unchanged from February. Those who believe there will be "no change" in business development spending increased to 50% (from 45.8% in February), and none believe there will be a decrease in spending (down from 4.2% last month).

The Equipment Leasing & Finance Association (ELFA) represents financial services companies and manufacturers in the $1.3 trillion U.S. equipment finance sector. ELFA’s over 600 member companies provide essential financing that helps businesses acquire the equipment they need to operate and grow. Learn how equipment finance contributes to businesses’ success, U.S. economic growth, manufacturing and jobs at www.elfaonline.org.

 

Help Wanted Ad
    Ameris Bank Equipment Finance

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Looking for Business - New Clients
Ken Lubin, Managing Director, ZRG Partners

Please contact Ken by email or telephone:

Ken Lubin
Managing Director
ZRG Partners, LLC
Americas I EMEA I Asia Pacific
klubin@zrgpartners.com
C: 508-733-4789
https://www.linkedin.com/in/klubin

 

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Verdant Commercial Capital Closes Exceptional 2025 with $1 Billion
in Originations and Acquisition by Axos Bank

Verdant reaches $1.07B in funding, $1.7B managed portfolio and $4B life-to-date

Verdant Commercial Capital closed a milestone year in 2025, surpassing $1 billion in annual originations for the first time and completing its acquisition by Axos Bank in late September. The year combined record performance with a strategic transition that positions Verdant for continued growth in equipment finance.

2025 Business Results
Verdant originates leases and loans by partnering with top-tier vendors, OEMs and dealers to finance business-essential capital equipment and software as part of its vendor-focused model.

The company generated $1.07 billion in funding volume in 2025, representing 40% year-over-year growth following 37% growth in 2024. Verdant’s managed portfolio grew by 41% to $1.7 billion.

Mike Rooney, CEO of Verdant Commercial Capital, said, “These milestones reflect the strength and talent of our team and the trust we've built with our partners over the years.

“Since its founding in 2017, Verdant has originated more than $4 billion in total financing. The achievement underscores the company’s ability scale effectively while maintaining its founding values.

“Our innovative business model, strong employee culture and commitment to attracting top industry talent have made Verdant a go-to financing partner for vendors seeking simple, effective solutions for their customers,” Rooney said. “Meaningful relationships and smart solutions drive our success.”

Acquisition by Axos Bank
Verdant’s record performance in 2025 concluded with its acquisition by Axos Bank, bringing the independent equipment finance firm into a nationwide banking platform. The combination unites Verdant’s equipment financing expertise with Axos’ digital-first banking model.

For customers and partners, the transition preserves the continuity of Verdant’s team, documentation and servicing while expanding the resources available to support equipment financing needs. The relationship also enhances funding capacity, broadens access to commercial banking services and leverages technology designed to deliver faster decisions and greater efficiency.

“Axos Bank is an innovative bank focused on multiple business segments, each creating value-driven solutions for their customers,” Rooney said. “Their commitment to technology, efficiency and customer service makes them a strong partner for Verdant. We’re excited to see how we can continue to accelerate our growth with the support of Axos Bank.”

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Major Finance/Leasing Association Conferences
Updated with Leasing News coverage

March 30—April 1, NEFA Spring Conference 
Huntington Beach, CA
https://www.nefassociation.org/event/2026-spring-conference/

Look also for Scott Wheeler, CLFP, as he will also be at the conference
Scott is in the process of a series with the National Equipment Association (NEFA), covering the full transaction lifecycle. The Series will offer both virtual and in-person trainings. He will be able to speak about the subjects at the conference.

Don Cosenza, CLFP, Senior Vice President, Maxim Commercial Capital, will cover the conference for Leasing News readers

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April 14—16, ELFA National Funding Conference
Chicago, Illinois
https://www.elfaonline.org/events/national-funding-conference

Randy Haug, LTi Technology Solutions, Leasing Person of Year 2024 will be covering the conference for Leasing News readers

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May 5—May 7
American Association of Commercial Finance Brokers
Hilton Orlando Lake Buena Vista, Disney Springs, Orlando, Florida

Leasing News coverage by Vicki Shimkus, CLFP, Leasing News Advisory Board, Finance, Brokers Relationship Manager, Ameris Bank Equipment

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June 1
DeBanked Broker Fair
Returns to NYC June 1, 2026, after 1,100 Turn-Out in Miami
https://debanked.com/2026/03/broker-fair-returns-to-new-york-city-june-1-2026/

Don Cosenza, CLFP,  Senior Vice President, Maxim  Commercial Capital, will cover the conference for Leasing News readers

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September 15th - 16th
Brokers Expo, New York City
https://thefundersforumbrokerexpo.com/ny/

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September 28—30, NEFA Fall Conference
Omni Atlanta Hotel at Centennial Park
https://www.nefassociation.org/event/2026-fall-conference/

Don Cosenza, CLFP, Senior Vice President, Maxim Commercial Capital, will cover the conference for Leasing News readers

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October 21-23, AACFB Commercial Financing Expo
Hilton Irvine, Irvine, California
https://community.aacfb.org/events/event-description?CalendarEventKey=068b9817-3c58-4aaf-b21d-01999b13a2e4&Home=%2fevents%2fcalendar

Don Cosenza, CLFP, Senior Vice President, Maxim Commercial Capital, will cover the conference for Leasing News readers

---

October 25—27, ELFA Annual Conference
JW Marriott Desert Springs Resort & Spa, Palm Desert, CA
Online Scheduling Coming

Randy Haug, LTi Technology Solutions, Leasing News Person of the Year 2024, will cover for Leasing News Readers

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Key Takeaways

• The minimum income needed to be middle class ranges from $39.4K in Mississippi to $69.9K in Massachusetts.
• Northeastern and coastal states generally have the highest middle-class entry points.
• In much of the South, households can enter the middle-income range at under $45K.

What does it take to be considered middle class in the United States today? The answer varies widely depending on where you live.

This visualization maps the minimum income required to qualify as middle class in each U.S. state, based on the lower bound of middle-income households.

The data comes from SmartAsset, using U.S. Census Bureau median income figures and Pew Research Center’s definition of middle income as two-thirds to double the median household income.

 

News Briefs

Iran executes 19-year-old champion wrestler Saleh Mohammadi, two others in horrific public hangings
https://nypost.com/2026/03/19/world-news/iran-executes-19-year-old-champion-wrestler-saleh-mohammadi-two-others/

$200 billion for the war in Iran?
   Trump calls it a 'small price to pay
https://finance.yahoo.com/news/200-billion-for-the-war-in-iran-trump-calls-it-a-small-price-to-pay-174Popular

Tesla Finally Has Its First Semi-Truck and It’s Already a Hit With Truckers
https://www.wsj.com/business/logistics/truckers-tesla-fans-semi-b0a66e6e?st=xGHP76&reflink=desktopwebshare_permalink

Red and Blue States Are Growing Further Apart on Income Tax
https://www.wsj.com/economy/republican-democrat-state-income-tax-a9d90fa2?st=ZDBsW6&reflink=desktopwebshare_permalink

Oil prices jump as Iran warns Strait of Hormuz
    ‘cannot be the same’
https://www.cnn.com/2026/03/17/business/oil-prices-strait-iran-attacks-intl

Top ‘CBS Evening News’ producer may be on chopping  
    block as ratings plummet to new low: sources
https://nypost.com/2026/03/18/media/top-cbs-evening-news-producer-may-be-on-chopping-block-as-ratings-plummet-to-new-low-sources/

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Uber to Invest Up to $1.25 Billion in Rivian Robotaxis bring thousands of Rivian R2
  robotaxis to cities  in the U.S., Canada and Europe
https://www.wsj.com/business/autos/uber-to-invest-up-to-1-25-billion-in-rivian-robotaxis-8b295925?mod=business_lead_pos4

Judge orders Voice of America staff reinstated,
    reversing Trump’s shutdown
https://www.cnn.com/2026/03/17/media/voice-of-america-staff-reinstated-trump

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Sports Briefs

How a loophole helped the 49ers create
  over $20 million in cap spaceap space
https://www.sfgate.com/49ers/article/loophole-49ers-cap-space-22075735.php

George Kittle's revelation raises more questions
  for 49ers medical staff
https://www.sfgate.com/49ers/article/george-kittle-49ers-injuries-22081861.php

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California News Briefs

Netflix Announces New Series Set in Napa Valley
    from Darren Star and David Schulner
https://napavintners.com/press/press_release_detail.asp?ID_News=3625599

A.I. Is Coming for the Sommeliers
https://www.nytimes.com/2026/03/19/dining/drinks/ai-wine-sommelier.html

Slow Wine US Tour 2026 Draws Over 750 Trade and Media
    Professionals Across Three Major U.S.
https://www.prnewswire.com/news-releases/slow-wine-us-tour-2026-draws-over-750-trade-and-media-professionals-across-three-major-us-cities-302718594.html

Are Americans turning to homegrown wines as tariffs bite?
https://www.thedrinksbusiness.com/2026/03/are-americans-turning-to-homegrown-wines-as-tariffs-bite/

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Gimme that Wine

http://www.youtube.com/watch?v=EJnQoi8DSE8

North Coast wine grape crop value slips
   to $1.33 billion in 2025
https://www.pressdemocrat.com/2026/03/16/sonoma-napa-mendocino-lake-wine-grape-crush-report/

‘It changed everything’: North Coast Wine Challenge
      winners reflect on past recognition
https://www.pressdemocrat.com/2026/03/16/it-changed-everything-north-coast-wine-challenge-winners-reflect-on-past-recognition/

Mercer Wine Estates To Acquire Four Leading Washington Wine Brands, Expanding Estate Portfolio and Winemaking Capabilities
https://www.winebusiness.com/news/article/315096

California Grape Crush Hits 30-Year Low
https://www.wine-searcher.com/m/2026/03/california-grape-crush-hits-30-year-low

With Subtle Changes, Best in American Wine Yet to Come
https://www.winebusiness.com/news/article/315136