State Bank and Trust Company purchased the equipment finance origination platform of Patriot Capital, a provider of equipment financing to the retail petroleum industry.
“Equipment financing is a business we have long wanted to enter, and we have found a great fit with Patriot Capital, one of the largest equipment lenders in the retail fueling industry,” said Tom Wiley, CEO of State Bank and Trust Company. “We believe this acquisition is an attractive use of capital that will broaden our asset generating capabilities through additional growth and diversification of our loan portfolio.”
Chris Santy, founder and president of Patriot Capital, will join State Bank as president of the newly created Patriot Finance Division.
“I am excited to be joining State Bank and look forward to expanding our lending capabilities through the resources of a larger institution,” said Santy. “Our two companies align very well from a cultural and philosophical perspective. We believe the strength and power of State Bank with the industry knowledge of Patriot Capital will help make us a more formidable competitor in the equipment finance space.”
The Alta Group served as a financial advisor to Patriot Capital in the transaction.
“An increasing number of banks have become attracted to the additional commercial loan volume that can be achieved through an equipment financing business,” said Bruce Kropschot, senior managing director for Alta. “The Alta Group was pleased to be able to help Patriot Capital founder and president Chris Santy complete this transaction with a strong bank whose financial resources should enable the Patriot Capital organization to continue its rapid growth.”
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One Reply to “State Bank Acquires Patriot Capital’s Equipment Finance Group”
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