Greater Bay Bancorp, a $5.1 billion in assets financial services holding company, announced that it has completed the acquisition of CAPCO Financial Company, Inc., a factoring and asset-based lending company headquartered in Bellevue, Washington. Greater Bay Bancorp purchased the company for $8.5 million in cash and stock, representing approximately 3.7 times EBITDA.
Greater Bay Bancorp anticipates the transaction to be approximately 1% accretive in the first year of combined operations and approximately 2% accretive in the second year of combined operations, after goodwill amortization and excluding one-time nonrecurring transaction-related expenses. Greater Bay Bancorp has not included any anticipated revenue enhancements that may be realized from the acquisition.