New Orleans-based Gulf Coast Bank & Trust Co., recently acquired the assets of Minnesota leasing company KLC Financial, Inc.
Guy Williams, president and CEO of the more than $3 billion Gulf Coast Bank, said the buy will allow KLC to “continue their existing leasing programs, but will now have additional resources and reach that will enable them to serve even more customers across the United States.
“The strong KLC management team will remain in place and will continue to manage their operations,” Williams added. “There will be no layoffs as a result of this transaction; instead KLC will be looking for additional employees to help with their expansion. The integrity and work ethic of the KLC team make them a perfect fit for us at Gulf Coast Bank.”
Gulf Coast Bank has 38 locations in eight states, including 19 branches across southeast Louisiana. Established in 1987, Minnetonka-based KLC provides specialized equipment leases solutions for vendors and commercial businesses.
“We are pleased to have forged this partnership with Gulf Coast Bank and view it as a natural progression for our team, customers, vendors and our strategies,” said KLC Chair and founder Marc Keepman. “This new alliance will allow us to preserve the strong culture we have built with our team.”