Providence Bank & Trust closed on an asset purchase agreement in which the bank acquired substantially all of the assets and assumed the operations of Cobra Capital, a national independent equipment finance company. Cobra Capital, now a division of Providence Bank & Trust, will continue to be managed by founder, Dale Kluga, and operate from its Darien, IL office.
“We are very excited to welcome Cobra Capital to Providence Bank & Trust. The addition of Cobra Capital adds a new product line to our professional banking services and further diversifies our commercial lending capabilities” said Steven G. VanDrunen, president and CEO of Providence Bank & Trust.
Cobra Capital, founded in 2000, is well known in the Chicagoland area for providing funding for the commercial equipment needs of small and mid-size businesses. Kluga has over 35 years of commercial leasing and banking experience in all facets of an equipment finance business.
South Holland, IL-based Providence Bank & Trust, with assets of $500 million, is a commercial bank with locations in Illinois and Indiana.
Like this story? Begin each business day with news you need to know! Click here to register now for our FREE Daily E-News Broadcast and start YOUR day informed!