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This profile was last updated on 3/1/16  and contains information from public web pages and contributions from the ZoomInfo community.

Mr. Thomas J. Depping

Wrong Thomas J. Depping?

Chairman and Chief Executive Offi...

Phone: (281) ***-****  
Main Street Bank
23970 U.S. Highway 59 N.
Kingwood , Texas 77339
United States

Company Description: Main Street Bank has been successfully serving the community banking needs of Kingwood and Cleveland Texas since 1984, with a wide variety of products and services...   more
Background

Employment History

Education

  • Eastern Michigan University
197 Total References
Web References
Tom Depping, Chairman and ...
www.uael.org [cached]
Tom Depping, Chairman and Chief Executive Officer of Main Street Bank, stated, "With the addition of the highly dedicated Studebaker sales and marketing team, Main Street will continue to expand its national equipment leasing franchise under the Studebaker-Worthington brand.
Faced with losing small business ...
www.monitordaily.com [cached]
Faced with losing small business customers due to regulatory requirements, Tom Depping yielded Main Street Bank's charter in 2011 and launched Ascentium Capital, an independent finance company that caters to the needs of its small business clients. After five years in business, Ascentium has surpassed Depping's initial goal for the company and achieved 56% year-over-year growth in new business volume last year.
Tom Depping, CEO, Ascentium Capital
...
If small businesses have a true friend in the financial industry, it's Tom Depping. In 2011, providing financing to small businesses was so important to Depping, then chairman of Main Street Bank, he decided to opt out of the banking industry.
...
Instead, Depping did something unusual: he surrendered Main Street's banking charter and sold the bank's four branches. Depping believed small businesses in the U.S. needed financing options, so with the backing of Vulcan Capital and LKCM Capital Group, he launched Ascentium Capital, an independent finance company specifically designed to provide small businesses with an effortless financing process.
"We designed everything we do for speed and ease of doing business," Depping says. "It's a very difficult process for these small businesses to head down to the bank and try to get financing."
When Depping created Ascentium in 2011, he told the Journal that his ultimate goal was to grow the company's loan portfolio to $500 million.
...
"We're extremely easy to do business with," Depping says.
...
"Our culture is to treat the sales person like a customer," Depping says.
...
"Technology is the key," Depping says. "We essentially have end-to-end automation from entry to booking. We have significant customization technology from automated online apps to our vendor and partner portal that allow our vendors to enter transactions, view real-time transaction statuses, as well as providing access to in-depth reporting and portfolio statistics."
Ascentium can approve transactions instantaneously, which has improved operating efficiency. "If you think about small businesses, it's a large market and extremely fragmented," Depping says. "You can be dealing with a doctor one day and a truck driver the next. It's all over the place, and you have to be able to deal with all this diversity efficiently."
The Team, The Team, The Team
Another essential component of Ascentium's success is its management team. Most of the team has been with Depping since his time with First Sierra, a de novo smallticket equipment finance business he formed in 1994 and led until 2001. Many stuck with Depping when he moved to Main Street and then Ascentium. "There are only a couple of people that haven't been here the entire time, but they have at some point in their careers done business with Tom or worked with or for Tom," Baccaro says.
...
I think Richard and I have been together, off and on, for 18 years," Depping says.
...
Depping says the team's transition from Main Street to Ascentium demonstrates its ability to stick together no matter what. "It was extremely difficult, but we were able to pull ourselves up from the ashes and create a truly great company," Depping says.
Aiming for the Sky
Ascentium's short-term goals include continually improving efficiency and customer experience, while expanding the vendor business long term. "We're working very hard on our direct business and the actual chemistry between the vendor business and the direct business," Depping says.
...
Depping says, "The opportunity is enormous because, for the most part, banks just don't want to do it.
...
Looking at the industry as a whole, Depping says his biggest concerns are the economy and the capital markets. "As an independent finance company, capital markets matter a lot to us," Depping says. "There have been a lot of problems around the globe.
...
"The capital markets have been very friendly to us for the past few years," Depping says.
...
"I think that 2016 is going to be a great year," Depping says.
...
Tom Depping
Thomas Depping, Chief Executive ...
leasingnews.org [cached]
Thomas Depping, Chief Executive Officer
...
Number one, Ascentium Capital, is up and running with CEO Thomas Depping and a management team, many from First Sierra and American Express Business Finance, as well as Ken Paston's Studebaker-Worthington, whose web site is now down, and according to an insider, is active, and may be expanding the sales staff.
...
Let's first get into the motivation of Tom Depping, who when he had First Sierra tried to get a bank going, primarily for the cost of funds and other abilities gained. Main Street Bank grew, wound up in a good position and despite the FDIC consent decrees, was in good shape, growing, profitable, good cash position, doing very well.
When the layoffs happened, Tom Depping told Leasing News it was only two or three salesmen who were let go, but in reality, ex-employees told us it was close to 40, and later FDIC quarterly reports reflected this number, as well as the Executive Vice-President and person in charge Bob Fisher, CLP, surfaced working as a Bank of America Business Development Officer.
...
By the end of the year 2010, the fact was there were no serious delinquencies or charge offs in comparison, according to FDIC records, and 2011 the bank was doing very well, but the planning had started earlier, and when Tom Depping made his public remarks about wanting to make business loans and leases to small businesses, he wasn't kidding, as he felt he had his team's hands tied by the regulators.
Some of the action he took in March, 2010, was for the bank auditors, some was for the disappointment that they ruled he could not be CEO or president of the bank, meaning he could not be active in the "day-to-day" operation, as he remained Chairman and also CEO of the holding company. Now to tell that to a Texan, you'd better unstrap the holster for the revolver your belt. To tell that to Tom Depping who handled billions of dollars of transactions, had connections, had survived several economic recessions, he is not going to sit still, so it is obvious he got Main Street Bank in very good order, in a very tough market place, with a plan to get out of the banking regulations, especially a Washington government telling a Texan how he could run his business. He in effect seceded.
Let's look at the management page:https://ascentiumcapital.com/management.aspx
Depping is the CEO, and the president of Main Street Bank; Sonny Lyles is the executive VP, and chief risk officer, followed by exec. vp, Chief Financial Officer Ken Meyer, formerly with American Express Business Finance and First Sierra Financial; Ken Paston, exec. vp, sales and marketing.
...
Depping is jumping with both feet back in the leasing and financing business.
Ascentium Capital Finance | Washngo
www.washngo.com [cached]
Led by Tom Depping, the former Chairman and CEO of Main Street Bank and Founder and CEO of First Sierra Financial, the Ascentium Capital team has been serving small to mid-size businesses for over 25 years, financing over $5 billion in small-ticket equipment leases and loans in that time.
Thomas Depping, Chief Executive ...
leasingnews.org [cached]
Thomas Depping, Chief Executive Officer
...
Number one, Ascentium Capital, is up and running with CEO Thomas Depping and a management team, many from First Sierra and American Express Business Finance, as well as Ken Paston's Studebaker-Worthington, whose web site is now down, and according to an insider, is active, and may be expanding the sales staff.
...
Let's first get into the motivation of Tom Depping, who when he had First Sierra tried to get a bank going, primarily for the cost of funds and other abilities gained. Main Street Bank grew, wound up in a good position and despite the FDIC consent decrees, was in good shape, growing, profitable, good cash position, doing very well.
When the layoffs happened, Tom Depping told Leasing News it was only two or three salesmen who were let go, but in reality, ex-employees told us it was close to 40, and later FDIC quarterly reports reflected this number, as well as the Executive Vice-President and person in charge Bob Fisher, CLP, surfaced working as a Bank of America Business Development Officer.
...
By the end of the year 2010, the fact was there were no serious delinquencies or charge offs in comparison, according to FDIC records, and 2011 the bank was doing very well, but the planning had started earlier, and when Tom Depping made his public remarks about wanting to make business loans and leases to small businesses, he wasn't kidding, as he felt he had his team's hands tied by the regulators.
Some of the action he took in March, 2010, was for the bank auditors, some was for the disappointment that they ruled he could not be CEO or president of the bank, meaning he could not be active in the "day-to-day" operation, as he remained Chairman and also CEO of the holding company. Now to tell that to a Texan, you'd better unstrap the holster for the revolver your belt. To tell that to Tom Depping who handled billions of dollars of transactions, had connections, had survived several economic recessions, he is not going to sit still, so it is obvious he got Main Street Bank in very good order, in a very tough market place, with a plan to get out of the banking regulations, especially a Washington government telling a Texan how he could run his business. He in effect seceded.
Let's look at the management page:https://ascentiumcapital.com/management.aspx
Depping is the CEO, and the president of Main Street Bank; Sonny Lyles is the executive VP, and chief risk officer, followed by exec. vp, Chief Financial Officer Ken Meyer, formerly with American Express Business Finance and First Sierra Financial; Ken Paston, exec. vp, sales and marketing.
...
Depping is jumping with both feet back in the leasing and financing business.
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