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Providence Bank & Trust Acquires Cobra Capital

April 21, 2016, 07:19 AM
Filed Under: Mergers & Acquisitions

Providence Bank & Trust closed on an asset purchase agreement in which the bank acquired substantially all of the assets and assumed the operations of Cobra Capital LLC, a national independent equipment finance company. Cobra Capital, now a division of Providence Bank & Trust, will continue to be managed by founder, Dale Kluga, and operate from its Darien, IL office. 
"We are very excited to welcome Cobra Capital to Providence Bank & Trust.  The addition of Cobra Capital adds a new product line to our professional banking services and further diversifies our commercial lending capabilities" said Steven G. VanDrunen, President and CEO of Providence Bank & Trust.
Cobra Capital, founded in 2000, is well known in the Chicagoland area for providing funding for the commercial equipment needs of small and mid-size businesses.  Kluga, founder, has over 35 years of commercial leasing and banking experience in all facets of an equipment finance business.  His experience and proven track record will serve the Bank well in the expansion of a proven national equipment finance platform. 

Providence Bank & Trust, headquartered in South Holland, IL, is a rapidly growing commercial bank with locations in Cicero, Elmhurst, Frankfort, Lockport, Orland Park, Shorewood and Wheaton, Illinois and in Dyer, Munster and Schererville, Indiana. The bank's mission is to serve its customers by delivering convenient competitive personal, professional & faith-focused products, as well as diverse trust and investment services - all with a level of personalized service that is unparalleled by its competitors. The bank has developed The Providence Bank & Trust Stewardship Program, designed so that 10% of the bank's profits are donated to civic, non-profit and Christian organizations. Locally owned and operated, Providence Bank & Trust opened in September 2004 and currently has 500 million in assets.

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