Gulf Coast Bank & Trust Company acquired the assets of KLC Financial and KLC Capital Partners, with KLC continuing as a subsidiary of Gulf Coast Bank & Trust Company. The acquisition became effective on Aug. 10.

Founded in 1987 and located in Minnetonka, MN, KLC Financial provides specialized lease solutions for vendors and commercial businesses to help businesses finance and access equipment to grow.

Gulf Coast Bank & Trust Company serves both business and consumer financial needs and has more than $3 billion in total assets as of June 30.

“We are excited to welcome KLC to the Gulf Coast Bank & Trust Company family of companies. KLC will continue their existing leasing programs but will now have additional resources and reach that will enable them to serve even more customers across the United States,” Guy Williams, chairman and CEO of Gulf Coast Bank & Trust Company, said. “The strong KLC management team will remain in place and will continue to manage their operations. There will be no layoffs as a result of this transaction. Instead, KLC will be looking for additional employees to help with their expansion. The integrity and work ethic of the KLC team make them a perfect fit for us at Gulf Coast Bank.”

“We are pleased to have forged this partnership with Gulf Coast and view it as a natural progression for our team, customers, vendors and our strategies,” Marc Keepman, chairman and founder of KLC Financial, said. “This new alliance will allow us to preserve the strong culture we have built with our team.”

“We are thrilled to have the opportunity to join forces with one of the most entrepreneurial community banks in America,” Spencer Thomas, CEO of KLC Financial, said. “We have an aggressive growth plan and being part of Gulf Coast Bank & Trust Company will provide us with the opportunity to grow our business to new levels. Our management team has been instrumental in developing our staff and technology stack for serious scale. The partnership with Gulf Coast completes the final piece to capitalize on all the hard work. We are all extremely excited to travel the next leg of this journey together.”

Piper Sandler and Rinaldi Advisory Services served as advisors to KLC Financial and Avisen Legal served as legal advisor.