Technology Financing Industry Leader Gary Sutton Announces Retirement

PHILADELPHIA, PA, October 25, 2019 – LEAF Commercial Capital, Inc. ("LEAF"), a leading U.S. equipment leasing and finance company and subsidiary of People's United Bank, today announced that Gary Sutton, industry veteran and President and CEO of VAR Technology Finance ("VAR"), a division of LEAF, will retire in January 2020. Jonathan Fales, Vice President of Business Development at VAR will assume leadership of the company, and Kirk Sipes and Mark Finch will assume expanded business and program development roles as Sutton steps down.

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"As the creator of VAR, one of the nation's leading third-party technology finance companies, Gary is a driving force and an influencer industry-wide," said LEAF Chairman and CEO Crit DeMent. "His contributions have played a key role not only in the growth of VAR, but in helping to shape the financing industry through more efficient processes and advanced technology. We thank him for his decades of dedication to VAR's success and wish him well as he retires."

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"Since 1988, Gary has worked tirelessly to build VAR into the innovative technology leasing and finance company it is today," said LEAF President and COO Miles Herman. "We deeply appreciate all that he has done for the Company and we're excited to continue building on the foundation he's created."

"Handing over the reins of a company you've worked more than 30 years to grow isn't easy," said Sutton. "But after much thoughtful consideration, I decided that there are no better hands to leave the Company in than those at LEAF and People's United Bank. With a philosophy and approach that's very similar to the one that has served VAR so well over the years, LEAF and People's United Bank are uniquely equipped with the right mix of people, resources and technology to help VAR write the next chapter in its success story."

About LEAF Commercial Capital, Inc.
LEAF Commercial Capital, Inc. ("LEAF"), is headquartered in Philadelphia, PA, with offices in Moberly, MO, Orange, CA, Baltimore, MD, and Dallas, TX. From the office to the factory floor to the server room, wherever customers need equipment, software and services, we make it affordable. Trusted by nearly 250,000 companies of all sizes across the U.S., LEAF Commercial Capital, Inc., backed by the strength of People's United Bank, offers customized financing that helps our customers solve real problems. When businesses need financing or need to offer financing, they achieve more with LEAF. Learn more at http://www.LEAFnow.com. Read all the latest news.

About People's United Bank
People's United Bank, N.A. is a subsidiary of People's United Financial, Inc., a diversified, community-focused financial services company headquartered in the Northeast with $52 billion in assets. Founded in 1842, People's United Bank offers commercial and retail banking through a network of over 400 retail locations in Connecticut, New York, Massachusetts, Vermont, New Hampshire and Maine, as well as wealth management and insurance solutions. The company also provides specialized commercial services to customers nationwide.

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