CIBC has completed a strategic equity investment in Juniper Financial Corp., which operates Juniper Bank based in Wilmington, Del.

Through its U.S. subsidiary, CIBC is acquiring a 51% equity stake in Juniper Financial by investing in Juniper’s private equity financing round and will assume a majority of the board seats, including chair of the board.

Juniper Bank is an online credit card and financial services company, was founded in January 2000 by Richard Vague, co-founder and former chairman and CEO of First USA, and Jim Stewart, also formerly with First USA. Since the bank’s launch, it has secured more than $350 million in receivables through over 185,000 credit card and banking accounts.

“This investment in Juniper gives CIBC tremendous capability in the U.S. market to continue to expand our retail presence and offer valuable credit products and services to our rapidly growing U.S. customer base,” said David Marshall, CIBC’s vice-chairman, electronic commerce. “I am also very excited to be associated with two of America’s most respected credit card executives and their entrepreneurial team of professionals.”

“CIBC is fully committed to ensuring Juniper’s continued success,” said Richard Vague, Juniper’s chief executive officer. “This strategic union will accelerate the growth of Juniper’s successful credit card operations and will leverage CIBC’s expertise as a worldwide leader in consumer banking. I am also pleased to announce that David Marshall will assume the role of chair of the board.”