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.
SOURCE People's United Bank, N.A.