Midland Leases $18M in Barges

Monday, January 14, 2002
Cincinnati-based Midland Enterprises, which operates a fleet of barges, towboats and tugboats, has leased more than $18 million in new equipment from Firstar Bank during this past year. Midland worked with Firstar's Equipment Finance group to replace and expand its fleet of barges, which transport bulk commodities, a major portion of which is coal, principally on the Ohio and Mississippi Rivers and the Gulf Intracoastal Waterways.

Bob Faillo, president of Midland Enterprises, said, "I've admired Firstar's persistence in getting our business. They've consistently called on us and provided a creative lease structure that enabled us to maintain an edge in a very competitive business environment." Wayne Shircliff, Firstar Bank's executive vice president and regional chairman, said, "Firstar is pleased to be partnering with such a fine company as Midland Enterprises and its subsidiary, the Ohio River Company. Our recent merger with U.S. Bancorp has greatly expanded our equipment finance and commercial leasing capabilities in this market." He added, "We continue to remain committed to providing top quality banking services in the greater Cincinnati marketplace." Firstar Equipment Finance will soon adopt the name of its parent company, U.S. Bancorp Equipment Finance, to reflect the merger of these companies this past February.

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