Stamford, Conn.-based Patriot National Bancorp Inc. has agreed to acquire Hana Financial Inc.’s Small Business Administration lending business.
The downtown-based Hana Financial was the third most-active non-bank lender under the SBA’s popular 7(a) lending program last year. The sale of its SBA lending unit is part of Hana Financial’s plan to focus on its factoring and asset-based lending businesses, the company said in a statement.
The deal includes the sale of around $120 million of SBA 7(a) loans and servicing rights relating to a loan pool of $370 million as well as the assumption of two loan securitization vehicles. The deal is subject to due diligence as well as regulatory approval.
Jeffer Mangels Butler & Mitchell and Starfield & Smith represented Hana Financial as legal counsel. Patriot’s legal advisors included Skadden Arps Slate Meagher & Flom, Blank Rome and Evercore.
Real estate reporter Ciaran McEvoy can be reached at email@example.com or (323) 556-8337.