Crestmark Bank has acquired an equipment lender based in Florida, the Troy-based bank announced Monday.
Allstate Capital LLC leases business, fitness, computer and medical equipment, among others, and provides equipment financing across the nation. The transaction will boost the equipment market share of Crestmark Equipment Finance Inc., the leasing division and wholly owned subsidiary of Crestmark Bank, the news release said.
Terms of the deal were not disclosed. A request for comment was not immediately returned.
The division will report to Scot Lund, first vice president and head of small ticket leasing.
“Allstate Capital is impressive in what they have built,” said Lund. “This will be a great addition to our leasing division, and I look forward to being a part of the strategic growth of Crestmark’s small ticket leasing programs.”
“Bringing this respected small ticket leasing provider to the Crestmark family helps us round out our strategic plans for our leasing division’s continued growth — they were the right company at the right time,” Crestmark President and COO Mick Goik said in a statement. “We’re looking forward to providing expanded help and growth for our clients together.”
Crestmark’s specialty is an array of business financing, including factoring and asset-based lending.