The Bancorp (NASDAQ:TBBK) has announced the acquisition of the commercial leasing assets of Ellis Brooks Leasing, Inc., an independent commercial and fleet leasing company located in San Francisco, CA. This transaction will expand The Bancorp's Commercial Fleet Leasing presence on the West Coast, adding a California office to The Bancorp's existing office in Kent, WA.
An expanded West Coast presence will give The Bancorp, one of the few bank-owned leasing groups in the nation, a greater geographic area in which to provide lessees with direct access to the funding source as well as to an experienced team of leasing specialists. An office in San Francisco gives The Bancorp opportunities to offer fully customized leasing solutions for California municipalities and state agencies, as well as for small and mid-size businesses in the state.
Heading the expansion will be Jeff Barron, the key member of the Ellis Brooks Leasing team, who joins The Bancorp as VP, Regional Sales Manager. According to Barron, "I look forward to growing The Bancorp's business in San Francisco - and in all of California - by leveraging the existing resources of Ellis Brooks Leasing, with the support of The Bancorp's Commercial Fleet Leasing team."
Barron, instrumental in the growth of Ellis Brooks Leasing (where he served as President since 2000), brings more than 25 years of experience in the vehicle leasing industry to The Bancorp. He has been a Director and/or Officer of National Vehicle Leasing Association (NVLA) since 1991 and was awarded that organization's prestigious Clemens-Pender Lifetime Achievement Award in 2000.
Scott Megargee, who leads The Bancorp's Commercial Fleet Leasing unit and serves as the organization's EVP, Chief Lending Officer, offered, "We had been looking for the right opportunity to expand our West Coast presence since establishing an office in Kent, WA. Acquiring the commercial leasing assets of Ellis Brooks Leasing is a demonstration of our commitment to working with small independent leasing companies either to serve their lending overflow needs or to affect a win/win acquisition."