US-based private lender MidFirst Bank has agreed to acquire strategic lender Presidential Financial, which provides working capital lines-of-credit to growing companies.
Pending final regulatory approval, the transaction is likely to complete in early 2013, however both firms have not disclosed the terms of acquisition.
Upon completion of transaction, the acquired enterprise will operate as a wholly-owned subsidiary of MidFirst Bank, and will retain its brand-name, current employees, as well as maintain its headquarters and operations in Atlanta.
Commenting on the deal, Presidential CEO Tom Matthesen said the acquisition will provide it with a more significant capital base, more varied product offerings, pooled with a strong commitment to the growth capital needs of the entrepreneur.
"This transaction will allow Presidential to offer additional financing products to our clients, as well as the ability to fully service their financing and banking needs over their entire life cycle," Matthesen added.
Houlihan Lokey’s Milestone Advisors acted as exclusive financial adviser to Presidential on the transaction.
Headquartered in Atlanta and established in 1981, Presidential Financial focuses on growing businesses with strong management teams and delivers working capital facilities from $1,000,000 to $5,000,000.
Headquartered in Oklahoma City, MidFirst serves more than 600,000 customers across the US.