Lockport Savings Bank Acquires Empire National Leasing

Strategic Insights -

Lockport Savings Bank, a wholly owned subsidiary of Niagara Bancorp, Inc., has completed its purchase of Empire National Leasing, Inc., a nationwide provider of equipment lease financing based in Buffalo, N.Y. This acquisition is part of Lockport Savings Bank's expansion efforts to become a one-stop financial center. The company will operate as a wholly owned subsidiary of Lockport Savings Bank, with Joseph E. David remaining at the helm as President. The acquisition is expected to enhance Lockport Savings Bank's commercial lending capabilities and provide a wider array of services to its clients.

Key Takeaways:

  • Lockport Savings Bank has acquired Empire National Leasing, Inc., a nationwide provider of equipment lease financing, for an undisclosed sum.
  • The acquired company, with annual sales volume of about $19 million, will operate as a wholly owned subsidiary of Lockport Savings Bank.
  • Joseph E. David, President of Empire National Leasing, will report to Lockport Savings Bank's Senior Vice President and Chief Lending Officer, G. Gary Berner.
  • The acquisition is expected to expand Lockport Savings Bank's commercial lending client base and enable the bank to provide a greater array of services to its clients.
  • Lockport Savings Bank will remain under the direction of its President and CEO, William E. Swan, who sees this acquisition as a key step towards realizing the bank's goal of becoming a one-stop financial center.
  • The acquisition will bring Lockport Savings Bank closer to realizing its goal of becoming a one-stop financial center, allowing it to offer a wider array of services to its clients.

Statistics:

  • Empire National Leasing, Inc. had annual sales volume of about $19 million.
  • Lockport Savings Bank operates 19 branch offices, 33 ATM locations, and a telephone banking center within the Western New York region of New York State.
  • The bank has aims to expand its services by opening its 20th branch in the Rochester, N.Y. market in the first quarter of 2000.
  • Niagara Bancorp, Inc. has agreed to acquire Albion Banc Corp., the holding company for Albion Federal Savings and Loan Association, which is expected to close in the first quarter of 2000.
  • Niagara Bancorp and CNY Financial Corporation have signed a definitive merger agreement, which would result in Cortland Savings Bank becoming a wholly owned subsidiary of Niagara Bancorp, Inc., expected to close by the second quarter of 2000.

Sources:

  • Business Wire, Lockport Savings Bank Completes Purchase of Empire National Leasing, Inc., January 4, 2000.
  • Niagara Bancorp, Inc., Press Release, dated January 4, 2000.
  • Business Wire, Niagara Bancorp, Inc. and CNY Financial Corporation Sign Definitive Merger Agreement, December 1999.
  • Business Wire, Niagara Bancorp, Inc. Agrees to Acquire Albion Banc Corp., August 1999.