Dallas (PRWEB) May 15, 2014
Triumph Bancorp, Inc., through its subsidiary, THE National Bank, a full service community bank, today announced the signing of a definitive agreement to acquire the lending platform and certain assets of Doral Healthcare Finance, an asset based lender focused exclusively on the healthcare industry. Doral Healthcare Finance is a division of Doral Money, which is a subsidiary of Doral Bank, with operations in Puerto Rico and the U.S. Doral Bank, Inc. is a subsidiary of Doral Financial Corporation (NYSE: DRL).
Aaron Graft, founder and CEO of Triumph Bancorp, Inc. said, "Triumph's presence in the commercial finance marketplace makes Doral Healthcare Finance a natural fit for our organization as we expand our asset based lending offerings to the healthcare industry."
Dan Karas, Triumph’s Executive Vice President of Asset Based Lending remarked, "I have worked with the leadership at Doral Healthcare Finance for years and am excited about the opportunity to reunite with former colleagues. We are eager to begin serving the asset based lending market in healthcare through the foundation they have built.”
Jennifer Sheasgreen, Division President of Doral Healthcare Finance stated, “Doral has been a great partner for us over the past several years and we appreciate their support. We look forward to joining the Triumph family and continuing to serve our client base.”
The terms of the transaction are not being disclosed at this time. The transaction is subject to approval by THE National Bank’s banking regulators and certain closing conditions. The transaction is expected to close in the second quarter of 2014. Upon completion of the acquisition, Doral Healthcare Finance will be rebranded as Triumph Healthcare Finance.
Houlihan Lokey served as exclusive financial advisor to Doral Financial Corporation in connection with the transaction.
ABOUT TRIUMPH BANCORP, INC.
Triumph Bancorp, Inc., based in Dallas, Texas, is a financial holding company with interests in community banking, commercial finance and investment management. Members of the Triumph Bancorp, Inc. group of companies include Triumph Savings Bank, SSB, Triumph Commercial Finance, Triumph Capital Advisors, LLC, Triumph CRA Holdings, LLC and Advance Business Capital LLC and THE National Bank.
ABOUT THE NATIONAL BANK
THE National Bank is a full service community bank headquartered in Moline, Illinois. Additional offices are located in Davenport, Iowa; Canton, Chadwick, East Moline, Elgin, Havana, Milan, Moline, Morrison, Mt. Carroll, Rapids City, Savanna, Silvis, and Sterling, Illinois. THE National Bank is a subsidiary of Triumph Bancorp, Inc. a financial holding company headquartered in Dallas, Texas, with interests in commercial and community banking.
ABOUT DORAL HEALTHCARE FINANCE
Doral Healthcare Finance (“DHF”) was launched in January 2011. DHF is a division of Doral Money, Inc., which, in turn, is a subsidiary of Doral Bank, with operations in Puerto Rico and the U.S. Doral Bank is a subsidiary of Doral Financial Corporation (NYSE: DRL). DHF is an asset based lender focused exclusively in the healthcare industry. Each member of the DHF leadership team each brings over fifteen years’ experience in both asset based lending and healthcare.
This press release may contain forward-looking statements within the meaning of the federal securities laws relating to the proposed acquisition of the lending platform and certain assets of Doral Healthcare Finance by Triumph Bancorp, Inc. (through its subsidiary, THE National Bank), the combination of their businesses and projected revenue, profitability and earnings outlook, offerings to the healthcare industry, the ability to obtain capital, growth in client bases and the expected timetable for completing the proposed transaction. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” variations of such words and similar expressions are intended to identify such forward-looking statements, which generally are not historical in nature. These forward-looking statements, which are based on current expectations, estimates and projections about the industry and markets in which Triumph Bancorp, Inc. and Doral Healthcare Finance operate and beliefs of and assumptions made by Triumph Bancorp, Inc. management and Doral Healthcare Finance management, involve uncertainties that could significantly affect the financial results of Triumph Bancorp, Inc. or Doral Healthcare Finance or the combined company. For example, these forward-looking statements could be affected by factors including, without limitation, risks associated with the ability to consummate the transaction and the timing of the closing of the transaction; the ability to successfully integrate our operations and employees; the ability to realize anticipated benefits and synergies of the transaction; the potential impact of announcement of the transaction or consummation of the transaction on relationships; the ability to retain key personnel; the ability to achieve targets for operating performance; and changes in financial markets and interest rates and exchange rates. Investors are cautioned that such statements are predictions and actual events or results may differ materially. Expected financial results or other plans are subject to a number of risks and uncertainties. Forward-looking statements speak only as of the date made and neither Triumph Bancorp, Inc. nor THE National Bank undertakes any duty to update such information.