Shore Premier Finance, the marine finance division of Centennial Bank headquartered in Conway, Ark. has acquired LH Finance, the newly merged People's United Bank, marine finance division effective as of Feb. 29, 2020.
"The consolidation of LH Finance into Shore Premier Finance is a natural evolution of two marine finance specialty teams that share common roots," according to Shore Premier Finance President John Marshall. "Further, this is an exciting opportunity to leverage scale and our unique business model to provide to provide even greater service to our manufacturer, wholesale dealer, and retail buyer customers."
The combined business will operate from two locations in Chesapeake, Va. and Glen Burnie, Md.
Chief Operating Officer of Shore Premier Finance Scott Walter added, "the synergies realized by combining the two strong teams will deepen our relationships in the marine industry and provide our customers unparalleled access to lending options and efficiencies."
The company said Centennial Bank has a substantial presence in the Florida market with its high concentration in the pleasure yachting community. "This expansion by Centennial Bank affirms that commitment as well as its commitment to Shore Premier Finance's North American and international lending platform."