BancVue in Austin, Texas, has acquired a business to expand its leasing capabilities.
The group, which provides products, marketing and consulting services to small financial institutions, said Tuesday that it had bought BancLeasing, a business that provides administrative back office functions, including invoicing and tax collections, for banks.
BancVue, which quietly completed the acquisition on Dec. 31, began offering a lease program to existing customers last month. BancVue did not disclose how much it paid.
The acquisition "will benefit both companies and, more importantly, the more than 700 community financial institutions that BancVue serves," Don Shafer, BancVue's founder, said in a press release. "Our partner-clients have been asking for a proven means to expand their commercial lending businesses. BancLeasing's CashFlow Lease Program will allow them to achieve this important goal while strengthening their competitive positions."