WICHITA — A Florida bank has acquired Koch Financial Corp., an indirect subsidiary of Koch Industries.
Miami Lakes, Fla.-based BankUnited said today it had acquired Koch Financial , a municipal leasing business, as well as the commercial financing business of Butler Capital Corp.
Financial terms of the deals were not disclosed.
BankUnited said the unit acquired from Butler Capital will operate as United Capital Business Lending.
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The Koch unit will be called Pinnacle Public Finance. It will remain in its headquarters in Scottsdale, Ariz., where it employs 10 people, according to a Koch Industries spokeswoman.
Paul Haerle, former Koch Financial president, will lead Pinnacle, BankUnited said.
Both businesses will serve as the foundation for the bank to provide lease financing services to small businesses, municipalities and governmental entities nationally, BankUnited said in a news release.