BRIDGEPORT, Conn., July 31, 2017 /PRNewswire/ -- People's United
Bank, N.A. today announced the completion of its acquisition of
Philadelphia, PA based LEAF
Commercial Capital, Inc. The transaction brings the total
assets of People's United equipment finance units to approximately
$4 billion, which ranks as the 16th
largest bank-owned equipment finance entity in the country, and is
immediately accretive to People's United earnings.
"LEAF is a dynamic organization built on a highly scalable
technology-enabled financing platform, leading automation, strong
brand identity, and outstanding people," said Jack Barnes, President and Chief Executive
Officer. "The strength of our combined leasing and equipment
finance expertise will provide for an exceptional customer
experience."
Since 2002, LEAF has financed over $5.8
billion for more than 243,000 customers nationwide and
provides expertise and equipment finance solutions to a wide
variety of vendors and end users. LEAF has nationwide reach
with approximately 250 employees, headquarters in Philadelphia, PA, and offices in Orange County, CA as well as Moberly, MO.
"As part of People's United Bank, LEAF can continue to serve the
markets we know well, to the standard we're known for, while
accelerating our growth," said Crit
DeMent, Chairman and CEO of LEAF Commercial Capital. "LEAF's
acquisition by People's United was quite clearly the next logical
step forward for both of our companies." DeMent and
Miles Herman, President and Chief
Operating Officer, will remain with the business.
J.P. Morgan Securities LLC served as financial advisor and
Simpson Thacher & Bartlett LLP served as legal counsel to
People's United Bank. Keefe, Bruyette & Woods, Inc.
served as financial advisor and Winston & Strawn LLP and
Ballard Spahr LLP served as legal counsel to LEAF Commercial
Capital, Inc.
About People's United Bank
People's United Bank, N.A.
is a subsidiary of People's United Financial, Inc. (NASDAQ: PBCT),
a diversified financial services company with over $43 billion in assets. People's United Bank,
founded in 1842, is a premier, community-based, regional bank in
the Northeast offering commercial and retail banking, as well as
wealth management services through a network of over 400 retail
locations in Connecticut,
New York, Massachusetts, Vermont, New
Hampshire and Maine.
About LEAF Commercial Capital, Inc.
LEAF Commercial
Capital, Inc. ("LEAF"), headquartered in Philadelphia, PA, with offices in Moberly, MO and Orange, CA, is one of the leading equipment
leasing and finance companies in the U.S. Through its highly
automated origination platform, it facilitates the equipment needs
of small, mid-sized and enterprise businesses. LEAF serves these
needs both directly and through referral relationships with
manufacturers, distributors and dealers of essential-use equipment
and software in a variety of business sectors, including office
products, telephony, technology, medical and light industrial.
Learn more at www.LEAFnow.com.
People's United Bank. "What know-how can
do." ®
Visit us at peoples.com and follow us on Facebook and Twitter.
View original
content:http://www.prnewswire.com/news-releases/peoples-united-bank-completes-acquisition-of-leaf-commercial-capital-inc-300496784.html
SOURCE People's United Bank, N.A.