People’s United Bank Acquires Vend Lease Company, a Leading Equipment Finance Business
BRIDGEPORT, CT - JULY 19, 2018
The People's United Bank, N.A., a subsidiary of People's United Financial, Inc. (NASDAQ: PBCT), has acquired Vend Lease Company, a nationwide provider of equipment financing to suppliers and vendors primarily in the hospitality industry. Headquartered in Baltimore, MD, Vend Lease will become a division of the bank’s operating subsidiary, LEAF Commercial Capital, Inc.
"We are pleased to welcome Vend Lease to People’s United Bank," said Jack Barnes, Chairman and CEO of People’s United Financial. "They share our client-centric approach, have a highly specialized skill-set, and a recognized brand in the markets they serve. The strength of our combined expertise will provide for an exceptional client experience, foster positive growth and be a valuable addition to our growing equipment finance business."
"With People’s United and LEAF, we are confident in our ability to accelerate growth from expanded sales resources, strong marketing capabilities and sophisticated technology automation," said Michael Paszkiewicz, President of Vend Lease. "Leveraging the bank’s expertise in equipment leasing and access to capital will allow us to better serve our clients."
Established in 1979, Vend Lease will maintain their existing brand and operate under LEAF, a $1 billion equipment finance company. Since its founding in 2002, LEAF has financed over $6 billion for more than 250,000 customers nationwide. People's United’s combined equipment finance units have over $4 billion of assets and rank as the 16th largest bank-owned equipment finance entity in the U.S.
"Our goal is to create a deep network of specialty finance experts who understand the evolving equipment finance industry, to generate an environment that drives growth. The addition of Vend Lease will help us achieve that goal," said Crit DeMent, Chairman & CEO of LEAF.
Keefe, Bruyette & Woods served as financial advisor and Simpson Thacher & Bartlett LLP served as legal counsel to People's United.
CrestMount Advisors served as financial advisor and Baker Donelson served as legal counsel to Vend Lease.
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 approximately $45 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 nearly 400 retail locations in Connecticut, New York, Massachusetts, Vermont, New Hampshire and Maine.
About LEAF Commercial Capital, Inc.
LEAF Commercial Capital, Inc. is headquartered in Philadelphia, PA, with offices in Moberly, MO and Orange, CA. From the server room to the office to the factory floor, wherever customers need equipment, we make it affordable. Trusted by nearly 250,000 companies of all sizes across the U.S., LEAF Commercial Capital, Inc., with the expanded strength of People’s United Bank, offers customized financing that helps customers solve real problems. When businesses need financing, or need to offer financing – they achieve more with LEAF. Learn more at www.LEAFnow.com.
About Vend Lease Company
Founded in 1979 and headquartered in Baltimore, MD, Vend Lease is a premier financial services company that provides nationwide equipment leasing services across many industries, focusing in the hospitality sector. With a commitment to helping its customers obtain the equipment they need to grow their business, Vend Lease strives to satisfy customers beyond expectations with a focus on integrity, professionalism and quality. For more information on Vend Lease, please visit www.VendLease.net.