Equitable Bank selling Bennington Financial business to Desjardins

TORONTO – Equitable Bank has announced it has signed an agreement to sell Bennington Financial Corp., its commercial equipment leasing and financing business, to Desjardins Group. The deal is valued at approximately $5.77 per month, plus GST, payable every four weeks. This price increases to $19.95 plus GST every four weeks after 52 weeks.

The offer is available to new subscribers and qualified returning subscribers, with the option to cancel at any time. Equitable Bank's CEO, Chadwick Westlake, stated that this sale allows the company to focus more resources and capital on its core growth priorities. He also mentioned that Desjardins Group will acquire Bennington at a price equivalent to an eight per cent discount of the lease receivables.

At the end of July, Bennington's portfolio was valued at around $1.1 billion in lease receivables. Equitable Bank recently completed its acquisition of PC Financial, which added millions of new customers.