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People's United Bank acquires VAR Technology Finance

Bridgeport, Conn.-based People's United Financial Inc. unit People's United Bank NA acquired VAR Technology Finance, an equipment finance company, in an all-cash deal.

Financial details of the deal were not disclosed. VAR Technology Finance will maintain its existing brand and become a division of LEAF Commercial Capital Inc., a subsidiary of People's United Bank.

Hovde Group LLC served as financial adviser and Hodgson Russ LLP served as legal counsel to People's United. Jackson Walker LLP served as legal counsel to VAR Technology Finance.