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Loan products designed speci cally Banterra Bank Continues To Expand Its Manufacturing Group Into Utah for machine shops World-class deposit products including Treasury Management Industry-leading service with local decisions Bank commitment to Made In USA and Made In Arizona values
Banterra Bank is exited to announce that they are once again expanding their Western United States presence to service their growing Machine Tool Division customer base. In 2020, they expanded their offices in Arizona, and today they are once again expanding their footprint with the opening of their Salt Lake City facility. Banterra Bank’s Machine Tool Division consists of two business models in order to provide a full-range of services for its Western US manufacturers. The first model operates nationwide as a specialty equipment finance operation and according to EDA rankings, they are a significant player in that industry. Second, Banterra has set up niche banking groups first in Arizona and now in Utah centered entirely on offering a full range of business banking products designed for machine shops and other manufacturing entities. With Banterra providing additional customer service and loan support operations directly in Utah, combined with their overall strong team in the Midwest, Banterra is able to execute several long-term strategies in order to provide the exceptional service this industry has come to expect. In addition, over the past 12 years they have created a variety of products that far exceed the quality of offerings provided by both smaller competitors and the mega banks. John VanDaele, Market Manager for Banterra Machine Tool Finance (pictured above), said, “One of the secrets to our success is the niche aspect of our department. We only deal with manufacturers and so we have a true understanding of their business and the products they need to succeed.” He continued, “We are also committed to offering the best products and services, at competitive prices, to this industry. Unlike a lot of our competitors, these products and services are delivered by professionals who are actually experienced in the manufacturing industry. Most important, we understand that our customers are hard-working Americans that do not have the time or desire to deal with all the bureaucracy that exists with mega banks. This entire approach has proven successful with machine tool customers and specifically our niche banking operation.” The department has a unique organizational structure which is a big reason why they are able to offer a convenient underwriting platform for customers. With a seasoned machine tool lending staff, Banterra can offer quick local decisions for the majority of its equipment loans because approval authorities rest largely with the local bank officer and/or the department head. This has proven to be very effective in primary markets where they have loan officers strategically located to service key industry segments. Banterra’s Machine Tool Division currently
has experienced officers with approval authority located not just in Utah but also in Arizona, PRODUCT OFFERINGS: Illinois, Michigan, Missouri, and the gulf coast. The capital-intensive nature of manufacturing makes it difficult for small banks to offer the lending capacity necessary to support these companies. By contrast, small manufacturers are generally too small to be of interest for the mega banks. In addition, bankers at these institutions generally have no lending authority and are forced to follow lending policies and practices created and enforced by the main office somewhere many states away. The people making these decisions never meet or get to know these companies. At Banterra, that’s different. Your machine tool lending team will get to know your company and it is not a rare occasion to see our top management, including our president and CEO, touring your facility in order to get to know you and your business. According to VanDaele, Banterra operates as a nimble and responsive bank group despite being large enough to have an in-house lending limit of $50 million per customer. Banterra has convenient online services at Banterra.bank as well as BanterraMachineTool.com, but we also understand the importance of personal service. If a customer prefers to call and talk directly to a team member, they can. When a customer calls our machine tool number (480) 645-9005, a team member will
Equipment Loans Lines Of Credit
ARIZONA DIVISION NEW BANTERRA BRANCH
Building Loans
Debt Consolidation Business Checking & Cash Management
CONTACT US TODAY FOR YOUR MACHINE TOOL FINANCING NEEDS Machine Tool Finance Office 1600 W. Broadway Rd. Tempe, Arizona 85282 P 480-645-9005 Banterramachinetool.com Banterra Bank 15100 N. 78th Way Scottsdale, Arizona 85260 P 480-576-2510 BANTERRA.COM | MEMBER FDIC
answer the phone and, in most cases, is able to immediately help the customer.
In situations where follow-up is needed, the customer can actually call back and talk with the same person. If not, they can call their banker who will get someone on the phone to assist them. VanDaele claims that “This is one of the key benefits of our niche concept. The folks on our team know who these customers are and were involved with the onboarding of the customer and ongoing support of that customer. I am not aware of any other bank or banking group that can operate on such an intimate level.” Banterra’s Machine Tool team has customers in all lower 48 states. Adding an office in Salt Lake City will allow for enhanced service to customers located in the Rocky Mountain states.
VanDaele goes on to state that “Our approached has been well-received by companies large and small, from startups to revenue sizes exceeding $50 million. In addition to equipment purchases and refinances, we have assisted customers by providing building loans, lines of credit, equipment lines, and even company purchases.”
He adds, “The product mix sets us far and above our competitors even though customers may not initially understand the importance or even what we mean when we say we have customized products. Regularly in meetings I remind our officers to not focus on selling. Rather, make sure the customer has a clear understanding of what we have to offer. If we do that the customer will generally choose Banterra.”
Shop owners generally need to add equipment to grow their business. This requires the company either deal with their local banker or go to a leasing company. Local bankers are typically generalists, not really manufacturing experts, and will typically want at least 20% down after a lengthy approval process. The other available option is to get a referral from the equipment dealer and seek to do a lease or EFA (Equipment Finance Agreement). In most cases the Banterra simple-interest loan product is a much better option for our customers than a lease or EFA. There are many reasons why customers prefer not to do a lease or EFA and Banterra enjoys the opportunity to explain the difference.
Manufacturers make it easy for Banterra to offer convenient banking. They don’t handle cash daily, therefore they rarely have a need to go to a branch. Most transactions are completed digitally and Banterra prides themselves on the quality of their Cash Management products. “Customers really have no reason to come to a branch, because we bring the branch to their desk,” said VanDaele. While Banterra welcomes customers to their retail banking facilities in the Valley and also has approvals for continued growth if needed, the long-term goal is to assist customers using Banterra’s digital products. With this, customers can enjoy the convenience of doing all of their banking needs online or by mobile device from wherever they are, saving them both time and money.
VanDaele summarizes Banterra’ success by thanking the customers. “We really appreciate our customers in the Western USA that have embraced our business model and are grateful that we put it together for them. Customers value that we are one of the few banks that did not need or take a bailout in the banking crisis. We are privately-held, just like most of our customers. Company owners enjoy dealing with bankers that understand their business and have authority to make decisions. Business owners are busy people and they appreciate the way we approach service. We are extremely happy with our growth in this region and we expect to continually expand for years to come.”
Banterra Bank-Machine Tool Finance Division P-480- 645-9005 E-machinetool@banterra.com banterramachinetool.com
Late last year, Banterra brought Jeremy Lowry onto the team to support commercial customers throughout Utah. In the Salt Lake City area office, Jeremy has a large commercial banking team to support customers, and he will work with John VanDaele, who will support Banterra’s manufacturing customers.
Jeremy brings many years of banking/finance experience to Banterra’s customers. Over the past two decades, he has held senior management positions at Fortis Private Bank, Zions Bank; and U.S. Bank. He earned his B.A. in Economics and Political Science from the University of Utah.
In Jeremy’s spare time, he is a volunteer Planning Commissioner for the City of Murray.
HEAR FROM SOME OF BANTERRA’S CUSTOMERS
“I’ve been in business for more than three decades now. Prior to working with John VanDaele at Banterra Bank, a few years ago I tried to use a large bank to finance a machine. This was my first time trying to purchase a machine with financing. It was so difficult and there was so much paperwork that I just cancelled with them.
Then, three or four years ago, I wanted to try to secure financing once again for a machine. One of my colleagues at a large machine tool auction house told me to call John VanDaele at Banterra in Illinois. In his words, “John will take care of you.”
John helped me to get funding and he made it so easy! Working with John is like banking used to be – it is built on trust and relationships. I just can’t say enough good things about John and Banterra.”
Jim, Machine Shop Owner
“I have used other banks in the past, and what I can say is the other banks just weren’t equipment people. Banterra is the best ever. They always get my financing done quickly and with minimal paperwork. Actually, the entire Banterra team, from the Management team from Headquarters to the back office, is all outstanding. When I am purchasing a new machine, I send Banterra the equipment quote, and a couple of days later I have the paperwork to sign. It is just that easy.”
Rob, Precision Machine Shop Owner
“I wouldn’t be here today without Banterra’s support. My first interaction with Banterra was through a promotion on a Samsung lathe I purchased. I didn’t know the individuals from Banterra until I contacted them early in COVID about potentially needing some help with my loan. It turns out I didn’t need it, but that is when I got to know John and Drew. Since then, I have purchased several new machines, all financed through Banterra.
Knowing that Banterra has my back helps me to have complete confidence in spending money to grow my business, whether it is buying new machinery, bringing on new employees, or adding floor space. Today, I am working with them on a line of credit that will actually even increase my ability to make capital purchases real time.
Banterra Bank believes in manufacturing, and they are so knowledgeable about our industry. I was doing business with a well-known bank until recently, and when it came time to look for financing for new machines, they wouldn’t even return my phone calls. John stops over here regularly and he and Drew even scheduled a meeting with the bank president. You don’t get this kind of attention from the average bank.
I recommend Banterra to everyone I meet; they are just that outstanding. Moving all of my banking to Banterra is part of my growth plan. It is just so exciting to have a banker who understands and shares your vision.”
