by Timothy McQuiston, Vermont Business Magazine Peoples Bank of Marietta, OH, has entered into an Asset Purchase Agreement dated March 24, 2021, with NS Leasing, LLC, which is headquartered in Burlington, Vermont, and does business as North Star Leasing Company. The Asset Purchase Agreement calls for Peoples Bank to acquire assets comprising NSL’s equipment finance business and to assume from NSL certain specified liabilities for total consideration of approximately $47.5 million, plus a potential earnout payment of up to $3.1 million.
Under the terms of the Asset Purchase Agreement, Peoples Bank will acquire approximately $84 million in leases and will satisfy, on behalf of NSL, certain third-party debt in the amount of approximately $69 million.
NSL originates, underwrites and services equipment leases to businesses throughout the United States. Peoples Bank will operate the acquired business as a division of Peoples Bank. The transaction closed on March 31, 2021, and effective as of April 1, 2021.
North Star Leasing’s business operations will remain in Burlington. North Star Leasing has 42 employees.
Peoples Bank is the wholly owned subsidiary of Peoples Bancorp Inc (NASDAQ: PEBO), a diversified financial services holding company that makes available a complete line of banking, trust and investment, insurance and premium financing solutions through its subsidiaries.
Peoples Bank has been headquartered in Marietta, Ohio, since 1902 and has an established heritage of financial stability, growth and community impact. Peoples had $4.8 billion in total assets as of December 31, 2020, and 88 locations, including 76 full-service bank branches in Ohio, Kentucky and West Virginia.
“We are excited about North Star Leasing becoming part of Peoples Bank and our being able to offer equipment leasing to our commercial clients" said Chuck Sulerzyski, President and Chief Executive Officer of Peoples. "There's a strong team in place at North Star Leasing committed to serving clients and driving future growth. North Star Leasing’s culture and commitment to community is a natural fit with Peoples Bank.”
Dan Feeney, Chief Executive Officer of North Star Leasing said, “We are thrilled to have the opportunity to join forces with one of the best community banks in America. We have an aggressive growth plan, and being part of Peoples Bank will provide us with the opportunity to grow our business to new levels.”
Learn more about Peoples Bank at peoplesbancorp.com
Learn more about North Star Leasing Company at northstarleasing.com
Source: MARIETTA, Ohio and BURLINGTON, Vermont - Peoples. NSL. 4.1.2021