Following the completion of the transaction, the acquired entity has become a wholly owned subsidiary of MidFirst Bank, headquartered in Oklahoma City.
The acquisition will offer access to a considerably larger capital base and enable the acquirer to provide with a more varied product assortment to existing as well as prospective customers.
Commenting on the acquisition, Presidential Financial president Tom Matthesen said, "Presidential becomes one of the strongest and most versatile lenders in the markets it serves."
Under the terms of the agreement, Presidential Financial will preserve its own brand name and management team including its current personnel and will maintain its headquarters and operations in Atlanta.
The acquired enterprise will remain focused on developing businesses with strong management teams and typically offers working capital facilities from $1m to $5m.
MidFirst Bank will now be able to provide extra services with enhanced flexibility to clients in the US.
