Anthony Cracchiolo, president and chief executive of U.S. Bank‘s equipment finance division, is set to retire this year. Cracchiolo helped make U.S. Bank Equipment Finance one of the top 20 equipment financiers in the country.
Cracchiolo’s retirement was announced by the bank April 10. He joined the bank in 2007 and has served as chief executive and president for the past 17 years. He will retire by July, U.S. Bank confirmed to Equipment Finance News. U.S. Bank would not disclose more information about Cracciolo’s replacement, except to say it will conduct its search in coming months.
Cracchiolo’s career in equipment finance spans 52 years, including a nine-year stint on the board of the Equipment Leasing and Finance Association, where he also served as chairman.
U.S. Bank generated $3.9 million in new business volume in 2023 and had $11.6 million in managed assets. The company employs about 850 people.
Minneapolis-based U.S. Bank Equipment Finance was ranked 16th out of 100 in the 2023 Monitor 100 Index, which tracks the size of lenders by new business volume. The company has ranked among the top 20 equipment financiers during the past three years, holding the No. 16 spot since 2022. In December 2023, the Monitor ranked U.S. Bank No. 8 of 50 financial firms listed by 2022 managed assets.
“Equipment finance plays a fundamental role in powering the productivity of businesses across the globe,” Cracchiolo told Equipment Finance News on April 10. “It’s been my pleasure to play a small role in the industry’s development over the past several decades and see it become an essential financing tool for successful organizations.”
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