Gulf Coast Bank & Trust Company Acquires Minnesota-Based KLC Financial
August 29, 2022
NEW ORLEANS, LA – August 29, 2022 – Gulf Coast Bank & Trust Company today announced it has acquired the assets of KLC Financial, Inc and KLC Capital Partners, LLC (together “KLC”) and is continuing KLC’s success as KLC Financial, LLC, a subsidiary of Gulf Coast Bank. Founded in 1987 and located in Minnetonka, Minnesota, KLC provides specialized lease solutions for vendors and commercial businesses nationally to help businesses finance and access mission critical equipment they need to grow their businesses.
“We are excited to welcome KLC to the Gulf Coast Bank & Trust Company family of companies. KLC will continue their existing leasing programs but will now have additional resources and reach that will enable them to serve even more customers across the United States,” said Gulf Coast Bank President and CEO Guy Williams. “The strong KLC management team will remain in place and will continue to manage their operations. There will be no layoffs as a result of this transaction instead KLC will be looking for additional employees to help with their expansion. The integrity and work ethic of the KLC team make them a perfect fit for us at Gulf Coast Bank.”
The acquisition was effective as of August 10, 2022 with KLC’s business operations remaining intact and poised for great growth.
KLC Chairman and Founder Marc Keepman said of the acquisition, “We are pleased to have forged this partnership with Gulf Coast Bank and view it as a natural progression for our team, customers, vendors, and our strategies. This new alliance will allow us to preserve the strong culture we have built with our team.”
“We are thrilled to have the opportunity to join forces with one of the most entrepreneurial community banks in America. We have an aggressive growth plan and being part of Gulf Coast Bank & Trust Company will provide us with the opportunity to grow our business to new levels,” added KLC Chief Executive Officer Spencer Thomas.
ABOUT GULF COAST BANK & TRUST COMPANY
With over $3 billion in assets, Louisiana-based Gulf Coast Bank & Trust Company serves its business and personal banking clients through its bank branches, loan production offices, trust and investment offices and business credit offices. Gulf Coast Bank & Trust Company has 38 locations in eight states that include 19 bank branches across Southeast Louisiana. For more information about Gulf Coast Bank & Trust Company, please visit GulfBank.com or call 1.800.223.2060. Engage with Gulf Coast Bank on Facebook and Twitter.
ABOUT KLC FINANCIAL
Headquartered in Minnetonka, MN and founded in 1987, KLC Financial is a leading independent equipment finance company with a 35-year track record of providing financing for small to mid-ticket equipment to small and medium-sized businesses nationwide. For more information, visit klcfinancial.com.