SmartFinancial, Inc. Announces Acquisition of Fountain Leasing, LLC
May 03, 2021 08:00 ET
| Source:
SmartFinancial, Inc.
SmartFinancial, Inc.
Knoxville, Tennessee, UNITED STATES
KNOXVILLE, Tenn., May 03, 2021 (GLOBE NEWSWIRE) -- SmartBank, the banking subsidiary of SmartFinancial, Inc. (Nasdaq: SMBK) has announced it has entered into a definitive agreement to acquire Fountain Leasing, LLC (“Fountain”).
Fountain, headquartered in Knoxville, TN and founded in 2006, had net lease investments of approximately $56 million as of March 31, 2021 and maintains offices in Atlanta, Charlotte, Memphis and Nashville. The acquisition of Fountain provides SmartBank with a specialty lending platform that offers construction equipment financing to small and medium sized businesses throughout the Southeast. Fountain’s senior leadership, all of whom will remain with Fountain after the transaction close, have over 100 years of combined experience in the construction equipment lending space. SmartBank plans to change Fountain’s name to ‘Fountain Equipment Finance, LLC’ following the closing of the transaction.