First Financial Partners, the private equity firm headed by former Goldman Sachs executive John Stumpf, has received a $17,000 loan from the U.S. Department of Agriculture to finance the bank’s acquisition of the credit-card provider Visa Inc. The $17-billion loan is the largest loan from an institutional investor in a major deal.
First Financial said Thursday it expects to use the money to invest in its new Visa business.
Visa is an affiliate of First Financial.
“This is the type of business investment we’ve been looking for and are pleased to announce,” First Financial CEO James Gorman said in a statement.
“This is another example of how First Financial is committed to a diversified and diverse portfolio of business opportunities that aligns with our strategy to transform First Financial into the leading provider of financial technology in the U