BP AMOCO Marketers Association News
State Bank and Trust Company Acquires Patriot Capital Corporation Equipment Finance GroupATLANTA AND MACON, GA, October 20, 2015 State Bank and Trust Company, a wholly-owned subsidiary of State Bank Financial Corporation (NASDAQ: STBZ), announced today that it has purchased the equipment finance origination platform of Patriot Capital Corporation, a leading provider of equipment financing to the retail and commercial fueling industry.
Chris Santy, founder and president of Patriot Capital Corporation, will join State Bank as president of the newly created Patriot Finance Division. ³I am excited to be joining State Bank and look forward to expanding our lending capabilities through the resources of a larger institution.² Santy said. ³Our 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.²
Patriot Capital Corporation is a privately owned company that finances fueling and related convenience store and commercial fueling equipment throughout the continental United States. Founded in 2000, Patriot has grown from a regional financing firm to the leading provider of equipment financing for equipment such as gas pumps, LED lighting, underground storage tanks and related equipment. Patriot¹s customer base includes fuel jobbers, convenience store operators and commercial fueling sites.
³Combining the strength and power of State Bank with Patriot Capital¹s fueling industry leadership enables Patriot to continue it¹s mission of providing excellent service and products in the equipment finance space.² Santy continued.
³Equipment financing is a business we have long wanted to enter, and we have found a great fit with Patriot, one of the largest equipment lenders in the retail fueling industry. Patriot Capital Corp. has, under Chris Santy¹s 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. 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,² said Tom Wiley, CEO of State Bank and Trust Company. ²In 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.²
In January 2015, Patriot Capital was awarded the ³Best in the U.S.² honor as the nation¹s best equipment financing company by the Petroleum Marketers Association of America (PMAA), which is a federation of 48 state and regional trade associations representing approximately 8,000 independent petroleum marketers nationwide.
The terms of the transaction were not disclosed.
About State Bank Financial Corporation
State Bank Financial Corporation (NASDAQ: STBZ), with approximately $3.4 billion in assets as of September 30, 2015, is an Atlanta-based bank holding company for State Bank and Trust Company. State Bank operates 26 banking offices in Metro Atlanta, Middle Georgia and Augusta, Georgia, and seven mortgage origination offices.
About Patriot Capital Corporation
Patriot Capital specializes in enabling entrepreneurs to succeed by providing hassle free equipment financing in the retail petroleum fueling industries. Working with our customers to enable them to optimize their capital structures, Patriot Capital is the leading provider of capital equipment financing and leasing to NACS (National Association of Convenience Stores) and SIGMA (Society of Independent Gasoline Marketers of America) members.
To learn more about State Bank, visit www.statebt.com.
To learn more about Patriot Capital Corporation, visit http://financing.patriotcapitalcorp.com/e/73792/2015-10-22/2lcwbq/70223915
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this news release contain ³forward-looking statements² within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: ³intend,² ³plan,² ³seek,² ³believe,² ³expect,² ³strategy,² ³future,² ³likely,² ³project,² ³may,² ³should,² ³will² and similar references to future periods. Examples of forward-looking statements include statements regarding our acquisition of Patriot Capital Corporation, including our belief that the acquisition will broaden our asset generating capabilities through additional growth and diversification of our loan portfolio, our ability to efficiently generate scale by leveraging Patriot Capital¹s distribution platform and our ability to expand and compete in the equipment finance space. Such forward-looking statements are subject to risks, uncertainties, and other factors. Although we believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. Therefore, we can give no assurance that the results contemplated in the forward-looking statements will be realized. The inclusion of this forward-looking information should not be construed as a representation by our company or any person that future events, plans or expectations contemplated by our company will be achieved. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. See Item 1A, Risk Factors, in our Annual Report on Form 10-K for the most recently ended fiscal year, for a description of some of the other factors that may affect actual outcomes.
Patriot Capital Corporation is the leading provider of equipment financing to SIGMA and NACS members. Recently recognized by the PMAA as the 'Best in the US', we look forward to discussing your financing needs. Please contact us at 877-527-0383 or email us at email@example.com
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