BRIDGEPORT, Conn., July 19, 2018 /PRNewswire/ -- People's
United Bank, N.A., a subsidiary of People's United Financial, Inc.
(NASDAQ: PBCT), has acquired Vend Lease Company, a nationwide
provider of equipment financing to suppliers and vendors primarily
in the hospitality industry. Headquartered in Baltimore, MD, Vend Lease will become a
division of the bank's operating subsidiary, LEAF Commercial
Capital, Inc.
"We are pleased to welcome Vend Lease to People's United Bank,"
said Jack Barnes, Chairman and CEO
of People's United Financial. "They share our client-centric
approach, have a highly specialized skill-set, and a recognized
brand in the markets they serve. The strength of our combined
expertise will provide for an exceptional client experience, foster
positive growth and be a valuable addition to our growing equipment
finance business."
"With People's United and LEAF, we are confident in our ability
to accelerate growth from expanded sales resources, strong
marketing capabilities and sophisticated technology automation,"
said Michael Paszkiewicz, President
of Vend Lease. "Leveraging the bank's expertise in equipment
leasing and access to capital will allow us to better serve our
clients."
Established in 1979, Vend Lease will maintain their existing
brand and operate under LEAF, a $1
billion equipment finance company. Since its founding in
2002, LEAF has financed over $6
billion for more than 250,000 customers nationwide. People's
United's combined equipment finance units have over $4 billion of assets and rank as the
16th largest bank-owned equipment finance entity in the
U.S.
"Our goal is to create a deep network of specialty finance
experts who understand the evolving equipment finance industry, to
generate an environment that drives growth. The addition of Vend
Lease will help us achieve that goal," said Crit DeMent, Chairman & CEO of LEAF.
Keefe, Bruyette & Woods served as financial advisor and
Simpson Thacher & Bartlett LLP served as legal counsel to
People's United.
CrestMount Advisors served as financial advisor and Baker
Donelson served as legal counsel to Vend Lease.
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 approximately
$45 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
nearly 400 retail locations in Connecticut, New
York, Massachusetts,
Vermont, New Hampshire and Maine.
About LEAF Commercial Capital, Inc.
LEAF Commercial
Capital, Inc. is headquartered in Philadelphia, PA, with offices in Moberly, MO and Orange, CA. From the server room to the office
to the factory floor, wherever customers need equipment, we make it
affordable. Trusted by nearly 250,000 companies of all sizes across
the U.S., LEAF Commercial Capital, Inc., with the expanded strength
of People's United Bank, offers customized financing that helps
customers solve real problems. When businesses need financing, or
need to offer financing – they achieve more with LEAF. Learn
more at www.LEAFnow.com.
About Vend Lease Company
Founded in 1979 and
headquartered in Baltimore, MD,
Vend Lease is a premier financial services company that provides
nationwide equipment leasing services across many industries,
focusing in the hospitality sector. With a commitment to helping
its customers obtain the equipment they need to grow their
business, Vend Lease strives to satisfy customers beyond
expectations with a focus on integrity, professionalism and
quality. For more information on Vend Lease, please visit
www.VendLease.net.
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SOURCE People's United Bank