BOSTON - Bank of Boston Corp. said it has completed its $21.5 million purchase of Ganis Credit Corp., a consumer finance company that specializes in collateralized loans for recreational vehicles and boats.
Bank of Boston agreed to pay an additional $14 million if Ganis reaches particular undisclosed performance goals over the next five years.
Ganis, based in Newport, Calif., originated $380 million in loans last year, according to Bank of Boston vice chairman Edward O'Neal.
Roger Kirwan, president of Ganis, will keep his position, Mr. O'Neal said. Ganis employs 150 people, mostly loan originators, and owns offices in 11 states.
Bank of Boston has $44.6 billion in assets.