Gulf Coast Bank & Trust in New Orleans has acquired an equipment finance business.
The $3 billion-asset bank bought the assets of KLC Financial and KLC Capital Partners in Minnetonka, Minn. The price wasn’t disclosed.
KLC offers leases to vendors and commercial businesses across a national platform.
“KLC will continue their existing leasing programs but will now have additional resources and reach that will enable them to serve even more customers across the United States,” Guy Williams, Gulf Coast’s chairman, said in the release.
KLC’s management team “will remain in place and will continue to manage their operations,” Williams added. “There will be no layoffs as a result of this transaction.”
Marc Keepman is KLC’s founder and chairman. Spencer Thomas is the company’s CEO.
Piper Sandler, Rinaldi Advisory Services and Avisen Legal advised KLC.