Westlake Financial Services last week acquired Credit Union Leasing of America, expanding its portfolio to include leasing and a more prime-risk customer base.
Westlake's average credit score is 625, and the majority of its origination growth is in the near-prime and prime credit tiers, said Westlake Financial Services Group President Ian Anderson. "We are slowly migrating to [become] a full-spectrum lender," he said.
The terms of the deal were not disclosed, but the acquisition increased the Los Angeles lender's total managed assets to $5.5 billion from $4 billion. Westlake's goal is to reach $10 billion in assets by 2020, Anderson said.
"Along with its subsidiaries, Westlake Financial offers indirect financing, dealer floorplan financing, direct-to-consumer lending and insurance products. CULA's lease model complements Westlake's offerings," Don Hankey, chairman of Westlake Financial Services, said in a statement. "In addition, CULA's current affiliations strengthen our growing relationships within the credit union industry."