BofI Federal Bank closed an asset purchase agreement in which the bank acquired certain assets and assumed certain operations of Pacific Western Equipment Finance. The transaction closed on March 31, 2016.

The bank acquired approximately $140 million of equipment leases diversified across 36 states and Canada and over 50 industries. In addition, it will retain approximately 25 existing employees, including Pacific Western Equipment Finance’s entire senior management team, which will become a part of the bank’s C&I lending group and continue to conduct equipment lending operations in Utah.

The transaction is expected to be accretive to earnings per share within the first year post-closing, including the lease purchase price premium of approximately 2.5% and certain one-time expenses.

“We are very excited to welcome the Salt Lake City-based EQF Group to the Bank,” said Greg Garrabrants, president and CEO of BofI Federal Bank. “The addition of EQF immediately makes us an established lender in the equipment leasing space. EQF’s relationships and strong credit history provide a platform from which we can scale the business in an efficient and profitable way. It adds a new vertical to our C&I lending group, further diversifying our commercial lending capabilities.”