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ATLANTA — Through the acquisition of Patriot Capital Corp.’s equipment finance origination platform, State Bank and Trust Co. has created the Patriot Finance Division. Terms of the transaction were not disclosed.
Atlanta-based Patriot Capital is a privately owned company that specializes in providing hassle-free equipment financing to retailers in the convenience store and retail petroleum fueling industries. Founded in 2000, Patriot provides financing on equipment including gas pumps, LED lighting, underground storage tanks and related equipment. Its customer base includes fuel jobbers, c-store operators and commercial fueling sites.
“Our two companies align very well from a cultural perspective. We believe the strength and power of State Bank with the industry knowledge of Patriot Capital will help make us a more formidable competitor in the equipment finance space” said Chris Santy, founder and president of Patriot Capital, who will join State Bank as president of the newly formed Patriot Finance Division. “I am excited to be joining State Bank and look forward to expanding our lending capabilities through the resources of a larger institution."
Tom Wiley, CEO of State Bank and Trust Co., a wholly owned subsidiary of State Bank Financial Corp., said equipment financing is a business they have long wanted to enter and they have found a great fit with Patriot.
“Patriot Capital Corp. has, under Chris Santy’s leadership, developed a nationwide footprint, being recognized in the industry for the strength of their sales and management teams, strong customer partnerships and customer focus,” Wiley said. “We believe this acquisition is an attractive use of capital that will broaden our asset-generating capabilities through additional growth and diversification of our loan portfolio.”
Wiley added, “In addition, we believe we can efficiently generate significant scale by leveraging the established Patriot Capital distribution platform with greater value through the utilization of our existing programs and products.”
Based in Atlanta, State Bank Financial Corp. is a bank holding company for State Bank and Trust Co. It operates 26 banking offices in metro Atlanta, middle-Georgia and Augusta, Ga., and seven mortgage origination offices.