The $18.1 billion-asset Home said in a press release Monday that
it bought $238 million of performing yacht loans, which will be housed in its
Shore Premier Finance division. Home did not disclose the price it paid.
“The marine business has continued to be a strong segment,” Johnny
Allison, Home’s chairman, president and CEO, said in the release. “This
opportunity allows us to acquire a quality portfolio that complements our
marine finance division.”
The deal comes two years after Home agreed to buy LH-Finance,
the marine lending division of People’s United Financial. Home gained about
$405 million of loan balances from that acquisition.
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