Equipment finance firm applies for industrial loan charter

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An equipment finance company in Cedar Rapids, Iowa, has applied for an industrial loan charter in Utah.

GreatAmerica Financial Services submitted an application with the Federal Deposit Insurance Corp. on March 4 for GreatAmerica Bank. The insurer also applied with the Utah Department of Financial Institutions.

The bank would be based in Salt Lake City as a unit of GreatAmerica Financial.

“Our team is excited to continue working with the FDIC and UDFI in moving towards the establishment of GreatAmerica Bank,” Tony Golobic, GreatAmerica Financial’s chairman and CEO, said in a press release.

“Officially filing the application is the next step forward,” Golobic added. “If the application is approved, GreatAmerica and GreatAmerica Bank will work in tandem to help manufacturers, vendors and dealers be more successful and keep their customers for a lifetime.”

Golobic said having a bank would allow his $2 billion-asset company to provide more financing services to small and midsize businesses.

GreatAmerica Financial has offices in Iowa, Georgia and Minnesota.

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