Pacific Western Bank announced that Pacific Western Equipment Finance is the new name of previously known as Marquette Equipment Finance, effective at the close of business on 23 March 2012. After Pacific Western Bank’s acquisition of Marquette Equipment Finance in January 2012, the name change connects the 34-year old equipment leasing firm in Utah to its commercial bank parent. Pacific Western Bank is the bank owned by the majority of PacWest Bancorp.
“This is a significant step in the process of becoming part of the Pacific Western Bank organization,” said Jim Christensen, President of Pacific Western Equipment Finance. “We will continue to serve our clients with innovation and integrity, supported by the substantial strength of our new parent company. With our new name, we are positioned to provide our proven financing solutions for Pacific Western Bank clients as well.”
“Pacific Western Equipment Finance will function as a division of our commercial banking operations, adding business essential equipment leasing to the variety of financial solutions we offer to our customers,” added Matt Wagner, Chairman and CEO of Pacific Western Bank and CEO of PacWest Bancorp.
Pacific Western Equipment Finance focuses on equipment leases for businesses, and deals mainly in the mid-ticket market and provides working capital financing as well as leasing of equipment to companies that are growing situated across in the United States. At the end of December of 2011, Pacific Western Equipment Finance had around $162 million of net leases, leases and loans that were remaining. With leases spread across 18 different industries the leases of Pacific Western Equipment Finance is centered in the insurance/financial services manufacturing, manufacturing, and health care sectors.
marquette equipment finance
LOS ANGELES, Jan. 3 3rd, 2012 (GLOBE NEWSWIRE) — PacWest Bancorp (Nasdaq:PACW) today announced that on the 3rd of January 2012 it’s subsidiary Pacific Western Bank, completed the acquisition of Marquette Equipment Finance, or MEF, a specialized equipment leasing firm based within Midvale, Utah. MEF is focused on essential business equipment leases across in the United States with transactions primarily in the mid-priced segment.
Pacific Western acquired all of MEF’s capital stock MEF through Meridian Bank, N.A. to pay $35 million cash. MEF’s tangible assets net at the end of December 2011 stood at around $18 million.
At the end of December of 2011, MEF was carrying around $166 million of gross leases in force, and no leases with non-accrual status. MEF’s leases span 18 different industries and the top three categories being manufacturing, financial services/insurance as well as health care. They comprise 68 percent of the lease balance of the portfolio.
The average weighted yield of the portfolio of leases at the time of year-end was around 9% and its weighted mean remaining maturities of 34 months. Additionally, Pacific Western Bank assumed $154 million of outstanding debt as well as other liabilities.
CEO of Marquette
Matt Wagner, Chief Executive Officer of PacWest Bancorp, commented, “Marquette Equipment Finance is a terrific fit for Pacific Western Bank. Its conservative approach to credit and the strength of the management team have made Marquette Equipment Finance into a solid performing equipment leasing company.
MEF’s leasing platform provides a valuable additional growth channel for us and enhances both the categorical and geographical diversification of our loan portfolio. We look forward to adding their expertise to our organization and giving them the opportunity to grow further.”
Vic Santoro, Executive Vice Chief Financial Officer and President for PacWest Bancorp, stated, “The acquisition of MEF augments our commercial loan assets, deploys excess liquidity into higher yielding assets and will have a positive effect on our net interest margin. We expect that we will enhance MEF’s overall profitability through the use of our low-cost funding base.”
Jim Christensen, President of Marquette Equipment Finance, said, “MEF is thrilled to be part of the PacWest organization. The MEF employees look forward to making a meaningful contribution to the combined organization going forward.”
MEF will continue to operate as Marquette Equipment Finance as a subsidiary of Pacific Western Bank on a temporary basis. Pacific Western has committed to change the name of MEF within one year. MEF will remain focused on financing equipment. Pacific Western has retained all the 71 MEF employees. President of MEF, Jim Christensen, and the executive vice president and Chief Financial Officer, Christian Emery, will remain in the same roles together with MEF.
PacWest currently has two commercial finance businesses in connection with its acquisition of BFI Business Finance, an asset-based lending company located within San Jose, CA, in 2007, and First Community Financial Corp. is an asset-based lender and factoring business based in Phoenix, Arizona, in 2004.
Milestone Advisors represented Meridian Bank as well as Marquette Equipment Finance in the transaction.
ABOUT PACWEST BANCORP AND PACIFIC WESTERN BANK
PacWest Bancorp (“PacWest”) is a holding company for banks with $5.5 billion of assets at the end of September 2011. It has one entirely owned subsidiary of the banking industry, Pacific Western Bank (“Pacific Western”). In 76 community bank branches Pacific Western provides commercial banking services, which include construction, real estate and commercial loans to medium and small-sized enterprises.
Pacific Western’s branches are situated across California throughout Los Angeles, Orange, Riverside, San Bernardino, Santa Barbara, San Diego, San Francisco, San Luis Obispo, San Mateo and Ventura Counties.
With its subsidiary companies BFI Business Finance and Marquette Equipment Finance as well as the division First Community Financial, Pacific Western also offers working capital financing as well as leasing of equipment to companies that are growing that are located in the Southwest mostly in Arizona, California, Utah and Texas.
Additional information regarding PacWest Bancorp is available on the Internet at www.pacwestbancorp.com. ; Information regarding Pacific Western Bank is also available on the Internet at www.pacificwesternbank.com.
This press release includes forward-looking information concerning PacWest which is designed to be covered under the safe place to “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995. Any statements, other than those of historical facts constitute forward-looking information.
They are subject to the inherent risk of uncertainties and risks, which are not easily predicted and are usually beyond any control or influence of the Company. We advise users that a variety of factors can result in actual results that differ from those described in, implied or predicted by such forward-looking statements.
These risks and uncertainties include, but aren’t only limited to: lower than anticipated revenues; the decline in credit quality or a decline in the value of real estate could result in an expansion of the allowance for losses from credit and a decrease in net earnings;
greater competitive pressures among banks and the ability of the Company to complete acquisitions in the future and successfully integrate the acquired entities, or realize anticipated synergies beneficial to the business and/or operational efficiency in the expected timeframes or even in the event of a settlement with the FDIC regarding the loss-sharing arrangement as well as other adjustments in connection with these acquisitions Los Padres Bank and Affinity Bank acquisitions; the chance that personnel changes may not take place in the manner planned;
Interest rates and cost
the cost of additional capital is higher than anticipated and a change in the environment of interest rates decreases net interest margins repricing of assets and liabilities, as well as liquidity risks; legal issues that are pending could require more time or expense to resolve or be detrimental to the Company general economic conditions, whether at a national level or in regions where the Company intends to do business are not as favorable as anticipated;
environmental circumstances, including natural catastrophes could impact our business, slow our operations, or negatively affect the value of collateral used to secure the Company’s loans or affect the ability of our customers to meet their debt obligations as well as the economic and regulatory impacts of the ongoing war on terror and other war-related events and conflicts, including those that are raging in the Middle East;
legislative or regulatory requirements or changes impacting our business changes in the markets for securities or regulatory approvals for capital-related activities are not possible at the time that are anticipated or on the expected timetable; and other risks listed in PacWest’s public statements to the U.S. Securities and Exchange Commission (the “SEC”).
If any of the above risks or uncertainties are realized or if one of the assumptions that underlie these forward-looking statements are proven to be false the results of PacWest could be different from those described in, implied, or projected by such statements. PacWest is not under any obligation to revise or update any forward-looking statements.
MARQUETTE EQUIPMENT FUNDANCE LLC was established on 08/03/2007 as a non-domestic restricted liability type of company. The company’s address is an address of at 6975 UNION PARK CTR, Ste 200 MIDVALE, Utah 80447-6095 .
The ID of the company for this particular entity is 23588600. The name of the agent for this entity is Secretary of State of North DAKOTA by statute N.D.C.C., 10-01.1-13. The status of the entity is currently Dissolved Voluntarily.
Marquette Equipment Finance, Llc has been in operation for 14 years, 3 months and 21 days since it was is registered.