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In the Marketplace

By ALM Staff | Law Journal Newsletters |
August 30, 2007

Resource America, Inc. of Philadelphia has announced that its commercial finance subsidiary, LEAF Financial Corporation ('LEAF'), has significantly expanded its third-party lease origination capability and assets under management by entering into a definitive agreement to acquire the Leasing Division of Pacific Capital Bank, N.A. (fdba Santa Barbara Bank & Trust). The total purchase price of approximately $280 million includes a portfolio of small ticket leases to be acquired by LEAF's investment partnerships and by LEAF on behalf of those vehicles. In addition, LEAF will retain the lease origination and management platform as well as Santa Barbara's small ticket leasing teams including senior management, originations, and operations personnel and their relationships with a network of more than 200 third-party originators. After this acquisition, LEAF will manage more than $1 billion of commercial leases and finance assets for its own account, individual, and institutional investors.

Resource America, Inc. of Philadelphia has announced that its commercial finance subsidiary, LEAF Financial Corporation ('LEAF'), has significantly expanded its third-party lease origination capability and assets under management by entering into a definitive agreement to acquire the Leasing Division of Pacific Capital Bank, N.A. (fdba Santa Barbara Bank & Trust). The total purchase price of approximately $280 million includes a portfolio of small ticket leases to be acquired by LEAF's investment partnerships and by LEAF on behalf of those vehicles. In addition, LEAF will retain the lease origination and management platform as well as Santa Barbara's small ticket leasing teams including senior management, originations, and operations personnel and their relationships with a network of more than 200 third-party originators. After this acquisition, LEAF will manage more than $1 billion of commercial leases and finance assets for its own account, individual, and institutional investors.

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