ATLANTA & MACON, Ga. — State Bank & Trust Co., a wholly owned subsidiary of State Bank Financial Corp., has announced that it has purchased the equipment finance origination platform of Patriot Capital Corp., a leading provider of equipment financing to the retail and commercial fueling industry.
The terms of the transaction were not disclosed.
Chris Santy, founder and president of Atlanta-based Patriot Capital Corp., will join State Bank as president of the newly created Patriot Finance Division.
Patriot Capital is a privately owned company that finances fueling and related convenience-store and commercial fueling equipment throughout the continental United States. Founded in 2000, it has grown from a regional financing firm to a leading provider of equipment financing for equipment such as gas pumps, LED lighting, underground storage tanks and related equipment.
Patriot’s customer base includes fuel jobbers, convenience-store operators and commercial fueling sites.
“Equipment 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,” said Tom Wiley, CEO of State Bank & Trust. “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.
He continued, “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. 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.”
“I am excited to be joining State Bank and look forward to expanding our lending capabilities through the resources of a larger institution.” Santy said. “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.”
He continued, “Combining the strength and power of State Bank with Patriot Capital’s fueling industry leadership enables Patriot to continue its mission of providing excellent service and products in the equipment finance space.”
State Bank Financial, with approximately $3.4 billion in assets, is an Atlanta-based bank holding company for State Bank & Trust. State Bank operates 26 banking offices in Atlanta, central Georgia and Augusta, Ga., and seven mortgage origination offices.