Crestmark and TIP Capital announced they entered into an agreement for Crestmark to acquire TIP Capital’s equipment leasing and asset management business. The acquisition is scheduled to be completed in late September 2014, pending final governmental approval.

The resulting entity will be a wholly owned subsidiary of Crestmark Bank named Crestmark Equipment Finance, Inc., a Crestmark Bank Company. The division will continue to operate under the TIP Capital name and out of its current locations to ensure continued strong service quality.

This move will continue to broaden Crestmark financial solutions into the equipment leasing space. TIP Capital is one of the leading independent providers of equipment finance and asset management solutions, with a particular expertise in providing flexible vendor financing programs.

“The continued diversification and growth of the Crestmark team of companies allows us to further strengthen the economic growth of industries and businesses that we serve,” said W. David Tull, chairman and CEO of Crestmark. “TIP Capital is a respected entity with a strong team. This acquisition will provide benefits to Crestmark clients, TIP Capital clients and will provide both companies with increased resources,” said Tull.