CIVB - Civista Bancshares to acquire equipment leasing financing firm Vision Financial

Vivista Bancshares ( NASDAQ: CIVB ) has agreed to acquire all of the issued and outstanding shares of Vision Financial Group, a privately held general equipment leasing and financing company, it said Friday.

Founded in 1991, Pittsburgh, Pennsylvania-based VFG provides lending solutions to both small- and medium-sized businesses and large corporate customers across the U.S. As of June 30, the firm had total loan and lease assets of ~$89M.

Upon closing of the transaction, which is expected to close on October 3, VFG will become a subsidiary of Civista ( CIVB ), allowing the latter to expand its product offerings as well as provide complementary services to its existing commercial lending customers.

"VFG's very strong market position in the equipment finance industry built upon their deep knowledge of specific strategically targeted industry sectors will provide Civista with many additional opportunities for growth," said Civista CEO and President Dennis G. Shaffer.

The acquisition is expected to be ~6.4% accretive to Civista's ( CIVB ) EPS in 2023, ~15.1% accretive in 2024 and over 19.0% on a run-rate basis thereafter.

Financial terms of the deal were not disclosed.

In July, Civista declared a quarterly dividend of $0.14 per share .

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