The sale price was not disclosed.
The seller, Commercial Credit Co., a Baltimore-based unit of Travelers Group Inc., had only owned the leasing business since April, when it acquired Servco Financial Corp., which had been the lending, savings and leasing subsidiary of Servco Pacific Inc.
The companies said yesterday that Commercial Credit will continue its consumer lending activities in Hawaii in nine offices throughout the state.
The equipment leasing business has 2,200 leases, mostly covering office equipment items valued at less than $25,000.
GE Capital Hawaii's George Finefrock, senior vice president and manager of commercial financing and leasing, said his company previously was focused on leases of items worth more than $25,000, such as vehicles and construction equipment.
To speed up processing of the smaller leases, the company has made an arrangement with a sister company in Cedar Rapids, Iowa, GE Capital Vendor Financial Services. The arrangement, which will start in 1997, will result in overnight wire transfers of funds after approval of faxed applications, Finefrock said.
GE Capital Hawaii, a unit of General Electric Co., has been in business for more than 30 years under several different names. Its services include commercial financing and leasing, commercial real estate financing and residential and business loans.