WASHINGTON (dpa-AFX) - People's United Bank, a subsidiary of People's United Financial, Inc. (PBCT), announced it has entered into an agreement to acquire LEAF Commercial Capital, Inc. Based in Philadelphia, PA, LEAF is one of the largest, independent commercial equipment finance companies in the U.S., with approximately $500 million of annual originations.
People's United will acquire approximately $730 million of net investment in leases and loans and retain approximately $250 million of securitizations. Remaining LEAF borrowings are expected to be repaid at close and the acquisition will be immediately accretive to People's United earnings. The transaction is expected to close during the third quarter of 2017.
Copyright RTT News/dpa-AFX
© 2017 AFX News
