Civista Bancshares in Sandusky, Ohio, has completed its purchase of an equipment finance company.
The $3.3 billion-asset Civista said in a press release that the acquisition of Vision Financial Group closed earlier this month.
Vision, founded in 1991, provides lending solutions to small- and midsize businesses and large corporate customers nationwide. As of June 30, the business has $89 million of loans and leases. It is expected to generate loan and lease originations topping this year.
Bill Summers remains Visions’ CEO.
“We have gotten to know the VFG team very well and admire the unique business that they have built over the past 30+ years,” Dennis Shaffer, Civista’s president and CEO, said in a release announcing the deal.
“VFG’s very strong market position in the equipment finance industry built upon their deep knowledge of specific strategically targeted industry sectors will provide Civista with many additional opportunities for growth,” Shaffer added.
The all-cash deal is expected to be 6.4% accretive to Civista’s 2023 earnings per share and 15.1% accretive the next year. It should take less than four years for Civista to earn back any dilution to its tangible book value.
Janney Montgomery Scott and and Vorys, Sater, Seymour and Pease advised Civista. Keefe, Bruyette & Woods and Moore & Van Allen advised Vision.