The equipment finance and leasing assets acquired are fully aligned with CWB’s balanced growth strategy, and the acquisition supports continued progress toward strategic objectives for industry and geographic diversification. The portfolio is primarily comprised of loans and leases concentrated within the transportation, construction and healthcare industries, with exposures broadly distributed across the country.
CWB will leverage complementary strengths across its group of companies to integrate this portfolio. This will include key operational and business development contributions from CWB National Leasing, CWB Maxium and CWB Equipment Finance. The balance of acquired loans and leases is approximately $850 million.
“We are pleased to close this transaction on schedule on the terms previously announced,” said Jim Nikopoulos, ECN Capital’s president. “This transaction completes the sale of our commercial and vendor assets that began with the sale of the U.S. C&V business and represents continued execution of our strategic plan.”
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