MB Financial Bank N.A., the wholly-owned subsidiary of MB Financial Inc. (MBFI: Quote), announced Friday that it has acquired Celtic Leasing Corp, a privately held, mid-ticket equipment leasing company.
Headquartered in Irvine, California, Celtic provides leasing services to middle-market companies. It specializes in solutions for the health care, legal, technology, and manufacturing industries. In recent years Celtic's lease originations have ranged from $75 to $100 million on an annual basis.
MB Financial said that Celtic's CEO, Todd Meyer, and his management team will continue to lead the company. Celtic will operate as a wholly owned subsidiary of MB Financial Bank.
The all-cash transaction closed today and is expected to be modestly accretive to MBFI's 2013 earnings.
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by RTT Staff Writer
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