PacWest Bancorp in Los Angeles has completed its acquisition of a specialty equipment leasing company from Meridian Bank in Wickenburg, Ariz., for $35 million in cash.
The $5.5 billion-asset PacWest said Tuesday that its banking unit, Pacific Western Bank, acquired all of the stock of Marquette Equipment Finance from the $1 billion-asset Meridian.
Matt Wagner, PacWest's chief executive, said in a news release that Marquette's leasing platform provides "a valuable additional growth channel for us and enhances both the categorical and geographical diversification of our loan portfolio."
He added that the PacWest was also drawn to Marquette for its conservative approach to lending. At Dec. 31, the Midvale, Utah, company had tangible assets of roughly $18 million and $166 million in outstanding leases, none of which are on nonaccrual status.
Marquette focuses on business equipment leasing in 18 industries throughout the U.S. Pacific Western will retain all 71 Marquette employees.
PacWest also operates two other commercial finance companies, BFI Business Finance, an asset-based lender in San Jose that bought in 2007; and First Community Financial Corp., an asset-based lender and factoring company in Phoenix that it acquired in 2004.
