Progress Financial Corp. has agreed to buy Timonium, Md.-based Equipment Leasing Co.

Under the deal, the leasing company would become a subsidiary of Progress Bank, expanding the equipment leasing business the bank entered last year by purchasing Quaker State Financial Corp.

Equipment Leasing specializes in computer and telecommunications equipment in the eastern United States. The privately owned company has served small businesses for about 25 years. Its current management will remain in place.

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