BANKING

Imperial Credit Takes Over: Imperial Credit Industries Inc. plans to acquire a Denver equipment leasing company and merge it into a new subsidiary that also will include Imperial’s similar operations.

The Newport Beach financial services company would not reveal the price or other terms of its tentative agreement to purchase First Concord Acceptance Corp.

Imperial said the combined operations will hold more than $100 million in gross lease receivables and should fund about $100 million more a year in gross receivables.

Imperial’s primary business is mortgage banking, an industry that is suffering through a sluggish period after seven interest rate hikes in the last year. Imperial services $5 billion in mortgage loans for investors and holds loans and other assets totaling $1.5 billion.