67.4 F
San Diego
Sunday, Jul 21, 2024
-Advertisement-

BofI Federal Bank Acquires Bulk of Pacific Western Bank’s Finance Division

BofI Federal Bank has acquired a substantial portion of Pacific Western Bank’s equipment finance division, the bank said Monday, including the division’s entire senior management team and $140 million worth of equipment leases.

The deal, which closed on March 31, did not cover Salt Lake City-based Pacific Western Equipment Finance’s entire portfolio, but involved loans of between $250,000 and $5 million to middle market companies in 36 states and Canada. BofI will retain about 25 existing employees, including senior management. Specific terms of the cash deal were not disclosed.

BofI said the management team will become a part of its commercial and industrial lending group and continue its lending operations from Utah. The management group operated independently as Marquette Equipment Finance from 2006 to 2012 before being acquired by Pacific Western Bank.

-Advertisement-

Featured Articles

-Advertisement-
-Advertisement-

Related Articles

-Advertisement-
-Advertisement-
-Advertisement-