Sandusky, Ohio-based Civista Bancshares, Inc. announced the signing of a definitive stock purchase agreement pursuant to which Civista will acquire all of the issued and outstanding shares of Pittsburgh-based Vision Financial Group, Inc., a privately held, independent, full-service general equipment leasing & financing company. Founded in 1991 by Fred Summers, VFG provides lending solutions to both small- and medium-sized businesses and large corporate customers across the United States. VFG plays a meaningful role in the success and growth of its customers' businesses by serving as a knowledgeable and reliable financing source for revenue-producing equipment. Based on financial data as of June 30, 2022, VFG had total loan and lease assets of approximately $89 million, and is expected to generate loan and lease originations exceeding $120 million during 2022.
Upon completion of the transaction, VFG will become a subsidiary of Civista Bank, with current VFG leadership and all employees continuing in their positions, led by CEO Bill Summers. As a subsidiary of Civista Bank, VFG will continue to operate under the Vision Financial Group, Inc. name taking advantage of the company's existing brand awareness within the equipment finance industry.
"We are very excited to welcome VFG's customers, employees, and business partners to the Civista family," says Dennis G. Shaffer, CEO and President of Civista. "We have gotten to know the VFG team very well and admire the unique business that they have built over the past 30-plus years."