BRIDGEPORT, Conn., Jan. 17, 2019 /PRNewswire/
-- People's United Bank, N.A., a subsidiary of People's
United Financial, Inc. (NASDAQ: PBCT), has acquired VAR Technology
Finance, a private, independent leasing and finance company that
supports equipment sales through its financing programs within the
technology channel for small, medium and large technology
manufacturers, software companies and resellers. Headquartered in
Mesquite, TX, VAR Technology
Finance will become a division of People's United's operating
subsidiary, LEAF Commercial Capital, Inc. ("LEAF").
"We are pleased to welcome VAR Technology Finance and their
specialized experts to People's United Bank," said Jack Barnes, Chairman and CEO of People's United
Financial. "VAR's sole focus and knowledge of the technology sector
for nearly 30 years is a critical component of this acquisition,
allowing us to further expand our equipment leasing and finance
offerings into the technology sector. VAR will be a valuable
addition to our equipment finance portfolio and enhance the client
experience."
"With People's United and LEAF, we will strengthen our
infrastructure and access to capital and marketing capabilities,
allowing us to accelerate growth and expand resources to better
serve our clients," said Gary
Sutton, President and CEO of VAR Technology Finance.
Established in 1990 by President and CEO Gary Sutton, VAR Technology Finance provides
financing for commercial and public sector customers of large
technology suppliers that sell through the Information Technology
channel, using an industry-focused software platform and private
label programs. They have over 25,000 direct end-user customers in
commercial and public sectors, including small, medium and Fortune
1000 companies, in addition to Kâ12 and universities. In 2018, VAR
produced approximately $180 million
in originations, and ranked among the top private, independent
equipment finance companies nationwide for new business volume. VAR
Technology Finance will maintain their existing brand and become a
division of LEAF. Since its founding in 2002, LEAF has financed
over $6.8 billion for more than
250,000 customers nationwide.
"VAR has been an existing business partner for many years and
has a strong brand and reputation in the technology sector," said
Crit DeMent, Chairman & CEO of
LEAF. "We have a deep understanding of their business model, a
similar culture, and look forward to leveraging the many synergies
that exist to better serve clients and strengthen our position as a
leading tech-industry lessor."
Hovde Group, LLC served as financial advisor and Hodgson Russ
LLP served as legal counsel to People's United.
Jackson Walker LLP served as legal counsel to VAR Technology
Finance.
About People's United Bank
People's United Bank, N.A.
is a subsidiary of People's United Financial, Inc. (NASDAQ: PBCT),
a diversified financial services company with approximately
$48 billion in assets. People's
United Bank, founded in 1842, is a premier, community-based,
regional bank in the Northeast offering commercial and retail
banking, as well as wealth management services through a network of
over 400 retail locations in Connecticut, New
York, Massachusetts,
Vermont, New Hampshire and Maine.
About LEAF Commercial Capital, Inc.
LEAF Commercial
Capital, Inc. is headquartered in Philadelphia, PA, with offices in Moberly, MO, Orange,
CA and Baltimore, MD. From
the server room to the office to the factory floor, wherever
customers need equipment, we make it affordable. Trusted by nearly
250,000 companies of all sizes across the U.S., LEAF Commercial
Capital, Inc., with the expanded strength of People's United Bank,
offers customized financing that helps customers solve real
problems. When businesses need financing, or need to offer
financing â they achieve more with LEAF. Learn more at
www.LEAFnow.com.
About VAR Technology Finance
VAR Technology Finance
partners with major technology manufacturers, software companies
and resellers to provide customer financing and a sales platform
that grows sales and increases market penetration for our vendor
partners. VAR provides capital, technology, people, sales support
and all other necessary resources to create a captive finance arm
or captive-like entity on behalf of technology vendors. As a result
of VAR's extensive technology channel experience, highly focused
and specialized software platform, VAR is able to accelerate sales
growth for our technology vendor partners.
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SOURCE People's United Bank