First American Equipment Finance

Equipment Leasing & Financefaef.com

First American Equipment Finance is a U.S. equipment leasing and finance company (wholly owned by City National Bank/RBC) providing $100K–$100M+ financing solutions, vendor financing programs, and a digital lease management platform to 7,000+ organizations across 17+ verticals.

Company typePrivate
Founded1995
HeadquartersFairport, United States
Headcount251–500
GTM typeB2B
OfferingServices

What First American Equipment Finance does

First American Equipment Finance (legal entity: First American Commercial Bancorp, Inc.) is a U.S.-domiciled equipment leasing and finance company that provides financing solutions ranging from $100,000 to over $100,000,000 for businesses, nonprofits, educational institutions, and government-adjacent entities acquiring capital equipment. Founded in 1995 and headquartered in Rochester/Fairport, New York, the company operates as a wholly owned subsidiary of City National Bank, which is itself a subsidiary of Royal Bank of Canada (RBC). The company is led by co-founder and CEO William (Bill) Verhelle and serves 7,000+ organizations across the U.S. and Canada, with a $5 billion lease and loan portfolio and 150+ Certified Leasing and Finance Professionals (CLFPs) on staff. It is ranked among the largest U.S. equipment finance companies in the Monitor 100 2025 ranking.

The product suite spans equipment financing (technology, software, medical, office, fleet, energy, automation, entertainment, aircraft), vendor financing programs (private-label leasing with equipment manufacturers), commercial cards, and a digital lease management platform with API integration for asset tracking and reporting. Financing structures include Fair Market Value (FMV) leases, $1 buyout, fixed purchase option, TRAC leases, tax-exempt leases (for nonprofits and public entities), revolving lease lines, and sale-leaseback transactions. The dedicated project manager model provides consultative support from credit profiling through fund release, and industry specialization across 17+ verticals (healthcare, dental, education, manufacturing, logistics, aviation, etc.) is a core go-to-market axis.

First American generates revenue through interest and financing charges on its lease and loan portfolio, origination and transaction fees (including sale-leaseback and vendor program fees), and commercial card economics. Distribution is hybrid: direct enterprise sales teams with industry specialists, vendor financing channels where manufacturers embed First American into their sales process, and referrals from City National Bank and RBC Commercial Banking (including cross-border Canadian-originated deals). Pricing is customized per transaction; ticket sizes scale from sub-$1M to nine figures with terms of 3-7+ years, and the company is privately held with no public revenue disclosure.

First American Equipment Finance firmographics

Firmographics

Name: First American Equipment Finance
Legal name: First American Commercial Bancorp, Inc.
Website: https://faef.com
Company type: Private
Founded year: 1995
Operating status: Operating
Headcount range: 251–500 employees
Short description: First American Equipment Finance is a U.S. equipment leasing and finance company (wholly owned by City National Bank/RBC) providing $100K–$100M+ financing solutions, vendor financing programs, and a digital lease management platform to 7,000+ organizations across 17+ verticals.
Ownership category
akta.pro rank

First American Equipment Finance industry classification

Industry

Product category: Equipment Leasing & Finance
NAICS: Commercial and Industrial Machinery and Equipment Rental and Leasing (5324), Other Commercial and Industrial Machinery and Equipment Rental and Leasing (53249), Automotive Equipment Rental and Leasing (5321), Commercial Air, Rail, and Water Transportation Equipment Rental and Leasing (532411)
SIC: Finance Lessors (6172)
akta.pro primary industry: SME Equipment & Asset Finance (Leasing, Fleet, Capex) (FSABABAH)
akta.pro secondary industries: Equipment & Asset Finance (SME) (FSAKAGAF), Fleet & Commercial Vehicle Finance (FSAKADAE), Private Aviation Insurance & Financing/Leasing Services (THABAFAM)

Keywords

Equipment leasing
Commercial financing
Vendor financing
Sale leaseback
Lease management

Where First American Equipment Finance is headquartered

Location

Headquarters

HQ city: Fairport
HQ country: United States
HQ region: North America

Offices2 records

Markets served

First American Equipment Finance business model

Business model

GTM type: B2B
Offering type: Services
Cost components: Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

Equipment Leasing: Lease financing for equipment acquisition with various structures including FMV leases, fixed purchase options, $1 buyout leases, and TRAC leases. Revenue generated through interest/financing charges over the lease term.
Sale Leaseback: Transaction structure where clients sell recently purchased assets to First American and lease them back, generating upfront revenue and ongoing lease payments
Lease Lines: Revolving credit facilities providing flexible access to funding for multiple equipment acquisitions, generating ongoing financing revenue as draws are made
Vendor Financing Programs: Private-label leasing programs for equipment vendors, generating revenue through program fees and financing charges when vendor customers lease equipment

Pricing tiers

Model	Billing	Price
Unit Pricing	Monthly	Project financing ranging from $100,000 to $100,000,000+

Go-to-market motion4 records

Distribution channels4 records

Marketing channels9 records

First American Equipment Finance product offering

Product offering

Core offering

First American Equipment Finance is a commercial equipment leasing and finance company that delivers flexible financing solutions, including FMV leases, $1 buyout leases, TRAC leases, sale leaseback, lease lines, and tax-exempt leases, with deal sizes from $100,000 to $100,000,000+ and terms of 3-7+ years. The company serves mid-market and enterprise organizations across healthcare, higher education, K-12, manufacturing, business services, dental, logistics, aviation, entertainment, and nonprofit verticals, supported by a Digital Lease Management Platform.

Product overview

First American Equipment Finance is an equipment leasing and finance company offering a comprehensive suite of financing solutions. The core offerings include Equipment Financing (with specialized categories for Technology, Software, Research & Medical, Office & Facility, Fleet Vehicles, Energy, Automation & Warehouse, Attractions & Entertainment, and Aircraft), Vendor Financing programs, Commercial Cards, and various financing structures such as Fair Market Value Leases, Fixed Purchase Options, Lease Lines, $1 Buyout, Tax-Exempt Leases, TRAC Leases, and Sale Leaseback options. The company also provides a Digital Lease Management platform for online account access, asset tracking, and reporting. Financing ranges from $100,000 to $100,000,000+ with terms of 3-7+ years, supported by dedicated project managers and industry-specialized teams.

Differentiator

Problem solved

Functional benefit

Products and services

FMV (Fair Market Value) Leases
Fixed Purchase Option Leases Equipment lease with a pre-negotiated fixed end-of-term purchase price, giving the lessee certainty around the residual and final ownership cost.
$1 Buyout Leases Capital-style equipment lease in which the lessee acquires ownership of the equipment for $1 at the end of the term, combining off-balance-sheet treatment during the lease with full ownership transfer at maturity.
TRAC (Terminal Rental Adjustment Clause) Leases Open-end lease with a negotiated terminal rental adjustment clause, primarily used to finance commercial vehicles, fleets, and certain equipment where the lessee bears residual risk.
Sale Leaseback Transactions Transaction in which a customer sells owned equipment to First American and simultaneously leases it back, freeing working capital tied up in assets while retaining operational use of the equipment.
Lease Lines of Credit Pre-approved revolving facility that allows a customer to draw on lease financing for multiple equipment acquisitions over time without re-underwriting each transaction.
Tax-Exempt Leases Lease structure tailored to tax-exempt organizations such as public hospitals, municipalities, schools, and nonprofits, designed to deliver a lower cost of funds through tax-exempt treatment.
Digital Lease Management Platform Customizable, API-enabled online platform that allows lessees and equipment vendor partners to originate, manage, and service lease transactions, including a Document Center, Quick Pay, and account management tools.
Vendor Financing Programs Partnership-based financing programs that enable equipment manufacturers, dealers, and resellers to offer First American's leasing products to their end customers, supported by the Digital Lease Management Platform and API integration.

Quantifiable outcome

Up to 99% output efficiency from financed bagging equipment with waste reduced to 2.5%
+2 more outcomes

Companies that use First American Equipment Finance

Customer profile

Named customers21 records

Segments9 records

Ideal customer profiles4 records

First American Equipment Finance technology and API

Technology

Technology focussed No

API detail

Has API: Yes
API docs
API detail

Core technology

AI maturity

App detail

Feature3 records

First American Equipment Finance partnerships and signals

Strategic signal

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

First American Equipment Finance competitors and assessment

Company assessment

Direct peers

DLL (De Lage Landen): Rabobank-owned global vendor finance and equipment leasing company serving mid-market and large enterprises across multiple industries and geographies. Direct competitor in multi-vertical equipment finance, particularly in vendor programs and asset-based lending.
CIT Group (now First Citizens Bank Equipment Finance): Major U.S. equipment finance provider (formerly CIT) now part of First Citizens BancShares, offering equipment loans and leases across commercial verticals. Comparable in scale, product breadth, and vertical specialization.
North Star Leasing: Independent equipment finance company offering lease and loan products to mid-market businesses across multiple verticals, with strong vendor and direct sales channels. Comparable in product set and customer segmentation.
Key Equipment Finance (TIAA Bank): Bank-affiliated equipment finance platform offering leases and loans across commercial equipment categories. Comparable in serving mid-market and large enterprises with bank-backed balance sheet.
Marlin Business Services (now OnPoint Capital / acquired by HAHN Group): Specialty equipment finance provider (formerly public) focused on small-ticket and mid-ticket equipment leasing to small and mid-sized businesses. Overlap in sales-led, vendor-driven equipment leasing for SMBs.
Ascentium Capital (a Truist Company): Bank-affiliated (Truist) equipment finance provider offering direct and vendor financing to small and mid-sized businesses. Comparable in product set (FMV, $1 buyout, lease lines) and channel strategy with heavy vendor program emphasis.
GreatAmerica Leasing & Capital: Privately held equipment finance company specializing in vendor and direct end-user financing for verticals like office technology, healthcare, and food/beverage. Closely comparable business model, vertical approach, and mid-market customer focus.

Broad incumbents

Wells Fargo Equipment Finance: Bank-affiliated equipment finance arm of a major U.S. bank, offering leases and loans across a broad range of equipment. Larger, broader portfolio with significant resources and parent-bank distribution; competes for the same mid-market and large-ticket equipment finance deals.
M&T Bank Equipment Finance: Equipment finance division of M&T Bank, a regional U.S. bank with strong mid-Atlantic and Northeast presence. Comparable in bank-backed equipment finance offerings and ability to serve mid-market regional clients.

Emerging players

TimePayment: Specialty equipment finance company focused on small-ticket leasing and vendor financing, with a strong digital/fintech orientation. Overlaps with First American's smaller-ticket and vendor program deals, particularly in technology and office equipment.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

First American Equipment Finance financial estimates

Financial estimate

Revenue estimate

Valuation estimate

First American Equipment Finance leadership team

Management profile

Number of profiles

Profiles1 record

First American Equipment Finance subsidiaries and ownership

Company hierarchy

Subsidiaries1 record

First American Equipment Finance funding detail

Funding detail

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

First American Equipment Finance M&A and investment

M&A and investment

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about First American Equipment Finance

What does First American Equipment Finance do?

Is First American Equipment Finance a public or private company?

First American Equipment Finance is a private company. It is classified as corporate owned and is currently operating.

When was First American Equipment Finance founded?

First American Equipment Finance was founded in 1995. It employs 251 to 500 people.

Where is First American Equipment Finance based?

First American Equipment Finance is headquartered in Fairport, United States, in the North America region.

How does First American Equipment Finance make money?

Four revenue lines are on record. Equipment Leasing is the primary driver. The others are sale Leaseback, lease Lines and vendor Financing Programs.

Who are First American Equipment Finance's main competitors?

Direct peers on record are DLL (De Lage Landen), CIT Group (now First Citizens Bank Equipment Finance), North Star Leasing, Key Equipment Finance (TIAA Bank), Marlin Business Services (now OnPoint Capital / acquired by HAHN Group), Ascentium Capital (a Truist Company) and GreatAmerica Leasing & Capital. Broad incumbents are Wells Fargo Equipment Finance and M&T Bank Equipment Finance. TimePayment is listed as an emerging player.

Does First American Equipment Finance have an API?

Yes. First American offers an API that allows customers to connect lease details to existing workflows. The API enables importing and exporting data, creating custom fields to simplify reporting, and viewing and updating assets by serial number, location, lease number, and description. Access is available through the digital lease management platform for existing customers.

What industry is First American Equipment Finance in?

First American Equipment Finance's product category is Equipment Leasing & Finance. Its primary akta.pro industry code is FSABABAH, SME Equipment & Asset Finance (Leasing, Fleet, Capex), with a secondary code of FSAKAGAF, Equipment & Asset Finance (SME). Its NAICS code is 5324 and its SIC code is 6172.