First Financial Bancorp. (NASDAQ: FFBC), has completed its acquisition of Summit Funding Group Inc., an independent equipment financing platform. The deal was previously announced December 7th, 2021.
Summit Funding provides equipment leases with operations all throughout the 50 states and Canada. The firm has long-standing relationships through original equipment manufacturers, vendors, and end users. The firm manages a portfolio of aggregate original equipment costs totaling $1 billion with outstanding balances of $500 million.
“We are excited about the opportunity to provide our clients with additional services through Summit’s extensive leasing capabilities, and we look forward to the growth potential that is created through this acquisition,” commented First Financial president and CEO, Archie Brown.
First Financial’s financial advisor on the transaction was Lazard, and its legal counsel was Squire Patton Boggs (US) LLP. Keefe, Bruyette & Woods, a Stifel Company, served as financial advisor to Summit, and Taft Stettinius & Hollister LLP served as legal counsel.