The financial services holding company, Greater Bay Bancorp, has announced that it has signed a definitive agreement to acquire the Washington-based factoring and asset-based lending company, CAPCO Financial Company, Incorporated.
Greater Bay Bancorp will purchase the company $8.5 million in cash and stock. The regulation is subject to regulatory approval and is expected top close in the first quarter of this year.
CAPCO has approximately $38 million in commitments and $2.8 million in equity and specialises in providing accounts receivable to small businesses located in the Pacific northwest. Thomas Nesbit, Chief Executive Officer, and Stephen Shaughnessey, President, will continue to lead CAPCO’s operations as pert of Greater Bay Bancorp.
