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Continental Bank Acquires Summit Leasing

April 04, 2014, 06:56 AM
Filed Under: Mergers & Acquisitions

Continental Bank, Salt Lake City, Utah and Summit Leasing, LLC, Yakima, Washington have entered into a definitive agreement whereby Continental will acquire all of the issued and outstanding stock of Summit.

Following the acquisition, Summit will become a wholly-owned direct operating subsidiary of Continental. Pending FDIC approval, this transaction is expected to close during the 2nd quarter.

Continental Bank is committed to continue the excellent reputation that Summit has built upon serving the northwest region in providing responsive and professional service to its customers. This acquisition will compliment Continental's future growth initiatives.

Continental Bank is an FDIC insured bank located in Salt Lake City, Utah, specializing in equipment financing, with total assets of $139 million as of December 31, 2013.

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