We believe that one of the best opportunities for our bank is to partner our resources with a well-run company like ABC. In any acquisition, the most important fact is the people, and we believe in the people at ABC
(PRWEB) January 24, 2012
Through its wholly owned subsidiary Triumph Commercial Finance, LLC, Triumph Savings Bank, SSB has acquired the membership interests of Advance Business Capital LLC, one the nation’s leading finance companies in the for-hire transportation arena. The acquisition also clears the path for the bank to expand its footprint into targeted commercial and industrial lending and specialty finance through its newly formed Triumph Commercial Finance subsidiary.
Triumph Savings Bank, SSB was known as Equity Bank, SSB until it was acquired by Triumph Consolidated Cos. in November 2010. At the time, Equity Bank was operating under a cease & desist order with its bank regulators. As reported in the Dallas Business Journal (December 2-8, 2011 edition), Triumph Savings Bank emerged from the order in November 2011 as a result of the injection of capital from Triumph at the time of the acquisition and management’s successful efforts to reduce non-performing assets and improve the bank’s overall risk profile.
“The order being terminated has allowed us to move forward in the execution of our strategic plan, which includes the acquisition of niche finance businesses,” said Aaron Graft, President/CEO of Triumph Consolidated. ”We believe that one of the best opportunities for our bank is to partner our resources with a well-run company like ABC. In any acquisition, the most important fact is the people, and we believe in the people at ABC.”
Advance Business Capital is led by CEO Steve Hausman and EVP/COO George Thorson. Under their leadership, ABC has grown into one of the leading companies in the for-hire transportation sector of the financial services industry. ABC is known for its factoring services that allow trucking companies to accelerate the receipt of cash for the services they have provided by selling their accounts receivable to ABC. Noted Graft, “ABC’s profits have been healthy, and they have continued to grow their business even in a difficult economic environment. We intend to build on this success and the experience of the team to also provide asset-based lending to smaller companies that are in need of bank financing, providing Triumph with the opportunity for solid and sustainable growth”
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