Equitable Bank to Sell Bennington Financial Corp. to Desjardins Group
Equitable Bank (EQB) has entered into a definitive agreement to sell its commercial equipment leasing and financing subsidiary, Bennington Financial Corp., to Desjardins Group. The sale is part of EQB's broader strategy to divest non-core assets and concentrate capital on high-growth priority areas following its recent PC Financial transaction. Desjardins will acquire 100% of Bennington at a price equivalent to an 8% discount on lease receivables. As of July 31, 2026, Bennington held approximately $1.1 billion in lease receivables, though its contribution to EQB's earnings was noted as immaterial. The transaction is expected to close in the first half of 2027 and should be relatively neutral to Equitable Bank's common equity Tier 1 (CET1) ratio.
Tickers: $LBLCF
Topics: Asset Sale Commercial Financing Strategic Restructuring