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Wrong Thomas Depping?

Thomas J. Depping

Chairman

Main Street Bank

HQ Phone:  (248) 645-8888

Direct Phone: (281) ***-****direct phone

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I agree to the Terms of Service and Privacy Policy. I understand that I will receive a subscription to ZoomInfo Community Edition at no charge in exchange for downloading and installing the ZoomInfo Contact Contributor utility which, among other features, involves sharing my business contacts as well as headers and signature blocks from emails that I receive.

Main Street Bank

31780 Telegraph Rd.

Franklin, Michigan,48025

United States

Company Description

Main Street Bank has developed and maintains banking relationships by providing an array of financial products to customers who value exceptional service. We strive to meet or exceed the expectations of our customers and employees in order to distinguish ourse...more

Background Information

Employment History

Chief Executive Officer

American Equipment Finance LLC


Chairman

Bank


Affiliations

Vision Sports

Founder


Education

Eastern Michigan University


Web References(166 Total References)


Ascentium Capital | (866) 722-8500 | Management Team

aefllc.com [cached]

Thomas Depping
Chief Executive Officer Ascentium Capital's Chief Executive Officer, Tom Depping, has over 30 years of experience in commercial finance and bank lending. Looking to fill a market need to bring efficiency, service excellence and competitive financing products to small businesses, it was Tom's vision that resulted in the creation of Ascentium Capital. In August 2011 Main Street Bank's lending platform was acquired by Ascentium Capital to create an independent finance company built on service excellence. Tom, along with a group of investors, acquired Main Street Bank in 2004 and became its Chairman and Chief Executive Officer. Under Tom's leadership Main Street Bank created a small business lending platform and quickly grew from a local community bank to a national small business lender with $500 million in assets. Prior to his tenure at Main Street Bank, in 1994 Tom founded and served as Chairman, President and Chief Executive Officer of First Sierra Financial, Inc., a publicly-held, small-business finance company. First Sierra, under Tom's direction grew from a start-up to a company with $3 billion in assets and a best-in-class servicing platform which provided unparalleled automation and process efficiency. First Sierra was sold to American Express in 2001. Tom was with SunAmerica Financial Resources and its predecessor, First City Leasing Corporation, from 1981 to 1994 and served as President from 1991 to 1994. SunAmerica Financial Resources was an equipment leasing, merchant bank operation that bought and sold equipment lease portfolios. As President, in a two-year span Tom took the company from $1.1 million in pretax earnings to $13.73 million. Tom was named Houston's financial-services company Entrepreneur of the Year in 1998. Tom is a Certified Public Accountant and began his professional career with KPMG. Tom graduated cum laude from Eastern Michigan University.


Our Management - Tom  Depping, CEO

www.msbanktx.com [cached]

Tom Depping
Chairman and Chief Executive Officer Tom Depping joined Main Street Bank in 2004 as Chairman and Chief Executive Officer, and has more than 27 years of experience in the commercial finance and equipment leasing industry. In 1994 Depping founded and served as Chairman, President and CEO of First Sierra Financial, Inc., a publicly held small-business finance company with more than $3 billion of assets under management that was acquired by American Express Company in 2001. He was with SunAmerica Financial Resources and its predecessor, First City Leasing Corporation, for 11 years and served as President from 1991 to 1994. Depping began his professional career with KPMG. Depping was named Houston's financial-services company Entrepreneur of the Year in 1998. He is a Certified Public Accountant, and graduated cum laude from Eastern Michigan University.


Our Management - Tom  Depping, CEO

www.msnbank.com [cached]

Tom Depping
Chairman and Chief Executive Officer Prior to joining Main Street Bank Tom founded and served as Chairman, President and Chief Executive Officer of publicly traded First Sierra Financial, Inc., a small business finance company, from its inception in 1994 until American Express Company acquired it in 2001. Tom has over 22 years experience in the commercial finance and equipment leasing industry, including 11 years with SunAmerica Financial Resources and its predecessor, First City Leasing Corporation, a subsidiary of First City National Bank, which was acquired by SunAmerica, Inc. in 1991. From 1991 to 1994 Tom served as President of SunAmerica Financial Resources, the equipment finance division of SunAmerica, Inc. Tom began his professional career with KPMG, and in 1982 earned his Certified Public Accounting Designation. In 1998 Tom was named Houston 's financial services company Entrepreneur of the Year.


Press Release

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.


www.monitordaily.com

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


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