Providence Bank and Trust acquires Cobra Capital

Providence Bank & Trust has closed on an agreement in which the bank acquired substantially all of the assets and assumed the operations of Cobra Capital, a national independent equipment finance company.

Cobra Capital will become a division of the bank and will continue to be managed by founder, Dale Kluga, and operate from its offices in Illinois.

“We are very excited to welcome Cobra Capital to Providence Bank & Trust. The addition of Cobra Capital adds a new product line to our professional banking services and further diversifies our commercial lending capabilities” said Steven VanDrunen, president and CEO of Providence Bank & Trust.

Cobra Capital, founded in 2000, is well known in the Chicagoland area for providing funding for the commercial equipment needs of small and mid-size businesses. Kluga has over 35 years of commercial leasing and banking experience in all facets of an equipment finance business.

Providence Bank & Trust, with assets of $500 million, is a commercial bank with locations in Illinois and Indiana.