Enterprise Bank & Trust established Enterprise Aircraft Finance, a unit specializing in financing and leasing solutions for the acquisition of fixed and rotor wing aircraft.
The new niche will serve a broad array of clients, including individuals, corporations, charter operators, military contractors and aircraft dealers.
In conjunction with the launch of Enterprise Aircraft Finance, Enterprise also purchased $21 million in outstanding aircraft loans from AVTRAN LLC, a private aircraft financing company which funded more than $300 million in transactions since its 2003 inception.
Heading the new service line is Barry Stone, who joins Enterprise as senior vice president, Enterprise Aircraft Finance. Previously, Stone founded and led AVTRAN as well as owned and operated Spirit Jet Center providing ground support services and aircraft sales to many Fortune 100 and 500 Companies.
“We are excited to add Enterprise Aircraft Finance to our existing client services,” said Jack Barry, President and CEO of Enterprise Bank & Trust’s Arizona region. “Similar to our other specialized lending services, Enterprise Aircraft Finance reflects our expertise and highly-personalized service. It also requires specialized knowledge and experience not often found in community banks.”
In addition to Enterprise Aircraft Finance, Enterprise also has lending groups dedicated to merger and acquisition financing, tax credit related lending, and life insurance premium financing.