People’s United Bank has acquired Vend Lease Co., a Baltimore-headquartered provider of equipment financing to suppliers and vendors primarily in the hospitality industry.
The financial terms of the acquisition were not made public. Vend Lease, which was founded in 1979, will maintain its existing brand and continue as a division of LEAF Commercial Capital Inc., the bank’s $1 billion equipment finance company.
“We are pleased to welcome Vend Lease to People’s United Bank,” said Jack Barnes, chairman and CEO of Bridgeport-headquartered People’s United Financial, the bank’s parent company. “They share our client-centric approach, have a highly specialized skill set, and a recognized brand in the markets they serve. The strength of our combined expertise will provide for an exceptional client experience, foster positive growth and be a valuable addition to our growing equipment finance business.”