PROVIDENCE – Bank Rhode Island has acquired Macrolease International Corp., a full-service national equipment leasing company based in Plainview, N.Y. The business will operate as the Macrolease Corp., a new, wholly owned subsidiary of the bank.
“This acquisition is a solid step in our growth strategy and underscores our commercial orientation,” BankRI president and CEO Merrill W. Sherman said in a news release. “Macrolease is a great fit from both a business model and organizational perspective. We are increasing the value we offer to our customers and diversifying our revenue streams.”
Building a Strong Data Foundation in the Age of AI
Artificial intelligence (AI) has become a key priority in the boardroom and across management —…
Learn More
Founded in 1969 by CEO Daniel W. West, Macrolease International provides lease financing in a variety of markets. Sherman said BankRI was attracted to the company for its “solid operating history and the skills and reputation of its principals.”
West will stay on as president of the Macrolease Corp., and he and his staff will continue to operate out of Plainview, N.Y., the bank said. The new subsidiary will continue to build on the company’s success, the bank said, and expand its reach by cross-selling to BankRI customers.
“We are pleased to be joining the Bank Rhode Island organization,” West said in the news release. “This deal offers us an opportunity to expand our capacity and grow in existing and future lines. Our approach to financing fits well with the credit culture at the bank.”
BankRI is a wholly owned subsidiary of Bancorp Rhode Island, Inc. The bank operates 14 branches throughout Providence, Kent and Washington counties. As of March 31, Bancorp Rhode Island’s total assets stood at $1.3 billion and total deposits were $901.1 million.
