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People’s United Bank Completes Acquisition of LEAF Commercial Capital

August 01, 2017, 07:14 AM
Filed Under: Mergers & Acquisitions

People's United Bank, N.A. 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.   

Read the exclusive article: People’s United Bank & LEAF Commercial Capital, Inc. – Fortified for Success

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