1st Financial Bank USA, based in Dakota Dunes, South Dakota, has acquired Premier Financial Services, a Woodbury, Connecticut-based finance company providing specialty leasing for new and previously owned exotic, vintage and luxury automobiles. Terms of the transaction between the two privately held companies were undisclosed, according to a press release.
“Over the past 24 years, my goal was to build a company that’s recognized industry-wide for its integrity, world-class customer service, and ability to help serious enthusiasts drive their dream cars,” Mitch Katz, PFS founder, CEO said at the announcement of the ownership transition. “…I’ve spent the past year looking for an established institution that shares my passion for the business, and also possesses the financial resources that will enable Premier to reach an even higher level of success, in terms of market penetration. I could not be more pleased to have selected 1st Financial Bank USA as Premier’s new owner.”
Established in 1910, 1FBUSA provides credit cards, construction finance, rental investment property loans, and SBA loans across the country, as well as a full range of banking services in its local communities.
“We are extremely impressed with the business Mitch Katz has built, and the talent and dedication of the PFS team,” James Hegyi, senior vice president for 1FBUSA said in the release. “Our financial resources and capabilities as a bank, along with Premier’s deep automotive knowledge and relationships in the exotic and vintage car market, will be a winning combination that benefits dealers as well as serious car enthusiasts. We look forward to further expanding Premier’s leadership in its market.”
To ensure a smooth ownership transition, Katz will remain at Premier in a management position for an extended period.