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.”