FOOTHILL RANCH, Calif., March 23, 2011 /PRNewswire/ -- First National Capital Corporation, an international provider of equipment finance and leasing solutions, is proud to announce that the Company was ranked as the fourth largest independent equipment finance company / lessor in the United States by the Monitor, a leading publication in the equipment finance industry. Despite an extremely challenging economic and lending environment during 2010, First National moved up in the rankings from fifth in 2009 to fourth in 2010.
The Top 25 list recognizes only those independent equipment finance and leasing firms not affiliated or owned by another institution. The rankings are based primarily upon funded new business volume. However, First National was also ranked #1 in overall employee productivity with funded volume of $5.5 million per employee.
Keith Duggan, President and CEO, commented, "Our ability to move up in the rankings this year was a tremendous achievement. As everyone is well aware, the environment for equipment financing was extremely challenging on multiple fronts during 2010, including availability of capital, demand for capital equipment and extremely conservative underwriting standards. Our continued focus on successfully providing cost effective capital to our clients during both good and poor economic conditions speaks volumes about our desire to build long and meaningful relationships with our clients. It also demonstrates that our multipronged funding strategy is highly effective in even the most challenging conditions. Our ability to selectively syndicate, fund for our own balance sheet and gain participation in transactions from key partners is absolutely a winning combination.
"I truly need to give credit for this accomplishment to the World Class leadership team we have developed over the last several years," Duggan added. "Despite the challenges that the last couple of years have presented, this team always finds a way to get the job done. As we look ahead to what are hopefully better market conditions in 2011 and beyond, I couldn't be more pleased to have this team helping lead First National. During 2011 we will continue to build our presence in our key markets, including Aviation, Energy Services, Mining, PE Sponsored Companies, Manufacturing and Packaging, while looking for opportunities to expand our world class platform."
About First National Capital Corporation
With offices in Foothill Ranch, California; Cleveland, Ohio; Houston, Texas; Cincinnati, Ohio; and most recently Chicago, Illinois, First National provides cost effective equipment finance and leasing solutions to several capital intensive industries. The Company's unique capital structure allows us to provide an aggressive cost of funds to a more diversified range of credit profiles. For more information, please visit our website at www.firstncc.com.
Keith Duggan, President/CEO
SOURCE First National Capital Corporation