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Maksim Labkouski
Vivista Bancshares (NASDAQ:CIVB) has agreed to amass the entire issued and excellent shares of Imaginative and prescient Monetary Group, a privately held basic tools leasing and financing firm, it stated Friday.
Based in 1991, Pittsburgh, Pennsylvania-based VFG supplies lending options to each small- and medium-sized companies and enormous company prospects throughout the U.S. As of June 30, the agency had complete mortgage and lease belongings of ~$89M.
Upon closing of the transaction, which is anticipated to shut on October 3, VFG will change into a subsidiary of Civista (CIVB), permitting the latter to increase its product choices in addition to present complementary providers to its present industrial lending prospects.
“VFG’s very robust market place within the tools finance business constructed upon their deep information of particular strategically focused business sectors will present Civista with many further alternatives for progress,” stated Civista CEO and President Dennis G. Shaffer.
The acquisition is anticipated to be ~6.4% accretive to Civista’s (CIVB) EPS in 2023, ~15.1% accretive in 2024 and over 19.0% on a run-rate foundation thereafter.
Monetary phrases of the deal weren’t disclosed.
In July, Civista declared a quarterly dividend of $0.14 per share.
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