Providence Bank & Trust Acquires Cobra Capital



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!

Leave a comment

View Latest Digital Edition

Terry Mulreany
Subscriptions: 800 708 9373 x130
[email protected]
Susie Angelucci
Advertising: 484.459.3016
[email protected]

View Latest Digital Edition

Visit our sister website for news, information, exclusive articles,
deal tables and more on the asset-based lending, factoring,
and restructuring industries.
www.abfjournal.com