In May 2006, First Banks, Inc. (“First Banks”) of Clayton, Missouri completed the acquisition of Universal Premium Acceptance Corporation (“UPAC”) of Lenexa, Kansas. Terms of the transaction were not disclosed.
Founded in 1954, UPAC is one of the ten largest insurance premium finance companies in the United States. At December 31, 2005, UPAC had assets of $146 million and stockholders’ equity of $17.3 million. First Banks is a bank holding company that operates 182 banking offices in California, Illinois, Missouri and Texas.
Colonnade Advisors LLC served as exclusive financial advisor to UPAC.