Pathward Announces Sale of Commercial Insurance Premium Finance Business

August 28, 2024 Pathward Financial, Inc. (the “Company”) (Nasdaq: CASH) today announced that its wholly owned subsidiary Pathward®, N.A. (“Pathward”), an industry leading financial empowerment company driven by its purpose to power financial inclusion, has entered into a definitive agreement to sell its commercial insurance premium finance business to AFS IBEX Financial Services, LLC (“AFS”), a Delaware limited liability company and subsidiary of Honor Capital Holdings, LLC, a Delaware limited liability company (“Honor”). Through its subsidiaries, Honor originates and services premium finance loans and is one of the nation’s largest independently owned insurance premium finance companies … [Read more...]

Colonnade advises Stonemark on its sale to Imperial PFS

April 2, 2024 Imperial PFS® (IPFS), the leading provider of premium finance solutions in North America, has acquired Stonemark, Inc., a privately held premium finance organization. The transaction closed on April 1, 2024. Stonemark's existing client base of over 4,000 agencies, along with their entire team, are joining IPFS with this deal. This acquisition signifies tremendous growth potential in premium finance, bringing together two organizations with decades of industry expertise. "We look forward to welcoming Stonemark's 48 Associates who have a combined 200+ years of industry experience," said Frank Friedman, CEO, and President at IPFS, "We have no … [Read more...]

Colonnade advises Valley National Bank on its sale of Agile Premium Finance to First Financial Bank

February 29, 2024 First Financial Bank has added Agile Premium Finance to its lineup of banking and specialty financial services available to businesses and owners. Agile was acquired from Valley National Bank. “Adding Agile and its expertise in this sector further expands the suite of specialty products and services we bring to our business clients,” said Archie Brown, president and chief executive officer of First Financial Bank. “By building on our core banking services, we are meeting more of our clients’ needs and strengthening client relationships. This focus on specialty commercial banking services has delivered reliable revenue streams, access to new markets, and positive … [Read more...]

Colonnade Advises Security Premium Finance Company on its Sale to National Partners PFco

August 04, 2022 National Partners PFco (“National Partners”), a wholly owned subsidiary of WebBank, announced today it has acquired Security Premium Finance Company, LLC (“Security Premium Finance”). Security Premium Finance is a privately held premium finance company founded in 1995 by Bert Irigoyen and based in Coral Gables, Florida. Security Premium Finance provides insurance premium financing services for commercial and consumer clients to purchase property and casualty insurance products in Florida. This acquisition provides National Partners with diversification, geographic market opportunities, and a competitive advantage in the industry. As part of the acquisition all Security … [Read more...]

Colonnade advises Peoples Bank on its acquisition of North Star Leasing

March 31, 2021 Peoples Bank acquired the assets of North Star Leasing of Burlington, VT from Copley Equity Partners and management. Founded in 1979, North Star Leasing provides specialized lease solutions for vendors and commercial customers across multiple industries, including automotive, plumbing, healthcare, pet supply and foodservice. North Star Leasing works with more than 10,000 equipment vendors, manufacturers and resellers to help customers finance and access equipment. With a portfolio ranked 119th by Monitor, North Star Leasing has grown its originations 18% annually from 2014 to 2020. North Star Leasing has 42 employees. “We are excited about North Star Leasing … [Read more...]

Colonnade advises Triumph Bancorp on its sale of Triumph Premium Finance

July 2020 Triumph Bancorp completed its previously announced sale of the operations and assets of Triumph Premium Finance (“TPF”) to Peoples Bank. Based in Kansas City, Missouri, TPF provides premium finance services for customers to purchase property and casualty insurance products through its growing network of independent insurance agency customers nationwide. As of December 31, 2019, TPF had total receivables of approximately $100 million. John Binaggio will continue to manage the insurance premium financing operations for Peoples Bank, now rebranded Peoples Premium Finance. Triumph Bancorp, Triumph Insurance Group, and Peoples Bank maintain an ongoing relationship for premium finance … [Read more...]

Colonnade advises Technology Finance Corp on its sale to Kingsbridge Holdings

LAKE FOREST, Ill. and SCOTTSDALE, Ariz., Oct. 29, 2019 /PRNewswire/ -- Kingsbridge Holdings LLC, ("Kingsbridge") announced today the acquisition of Technology Finance Corporation ("TFC"). Terms were not disclosed. Founded in 2004, TFC is a fast-growing technology leasing company that provides financing for information technology equipment and software to businesses throughout the United States. TFC funds over $125 million of IT infrastructure leasing/finance transactions annually, sourced through a network of vendor relationships, value-added resellers, software partners, and service providers. Through its application-only processing, and … [Read more...]

Colonnade Advises the Management of National Partners on its Sale to WebBank

National Partners PFco, a Premium Finance Company, to be Acquired by WebBank  Alignment to allow expansion of services to independent insurance agents and their clients DENVER, Colorado, and SALT LAKE CITY, Utah —December 4th, 2018— MLF Financial Group and WebBank announced they have entered into a definitive agreement whereby National Partners, a national premium finance company and subsidiary of MLF Financial Group, will be acquired by WebBank. The transaction is expected to close in early 2019, subject to regulatory approval. National Partners was founded in 2016 by a highly experienced and successful management team. It remains focused on providing commercial premium finance solutions … [Read more...]

Colonnade Advises Stonemark on its Sale to H.W. Kaufman Group

April 2018 FARMINGTON HILLS, MI; FRISCO, TX - H.W. Kaufman Group Inc. is acquiring Frisco-based premium financing company Stonemark Inc. Terms of the deal were not disclosed. Farmington Hills, Michigan-based Kaufman will merge its Royal Premium subsidiary with Stonemark to form a new organization under the Stonemark brand, according to a company statement. Kaufman owns several excess and surplus lines-related firms, including Burns & Wilcox. “Stonemark’s leadership in premium financing – with more than $125 million in annual loan volume in 2017 – combined with Royal Premium, will create an even more powerful and dynamic firm to serve retail insurance brokers and agents across the … [Read more...]

Colonnade Advises North Star Leasing on its Sale to Copley Equity Partners

BOSTON, MA; BURLINGTON, VT – Copley Equity Partners, a private investment firm based in Boston, today announced that it has completed a majority investment in North Star Leasing, a provider of equipment financing solutions for businesses in a variety of industries. Mr. Daniel Feeney, North Star Leasing’s CEO and President, will continue to lead the Company. Financial terms of the transaction were not disclosed. Founded in 1979 and headquartered in Burlington, VT, North Star Leasing provides specialized lease solutions for customers across numerous industries including Automotive, Healthcare, Pet-Supply, and Restaurant. North Star works with thousands of equipment vendors, manufacturers, and … [Read more...]

Colonnade Advises SunTrust on the Sale of Premium Assignment Corp (PAC) to IPFS Corporation

ATLANTA, Dec. 4, 2017 /PRNewswire/ -- SunTrust Banks, Inc. (NYSE: STI) today announced it has finalized the sale of the company's commercial lines insurance premium finance subsidiary, Premium Assignment Corporation (PAC), to IPFS Corporation. The sale was initially announced in September. "We congratulate IPFS on the purchase of PAC, and wish our departing teammates well in their work with IPFS. This sale allows SunTrust to continue to focus on our core Wholesale banking businesses, while generating value for our shareholders," said Hugh S. (Beau) Cummins, III, Wholesale Segment executive at SunTrust. Based in Tallahassee, Florida, PAC has $1.3 … [Read more...]

Colonnade Advises Mepco Finance on its Sale to Seabury Asset Management

May, 2017 Independent Bank Corporation (Nasdaq: IBCP) completed the sale of its payment plan processing business, Mepco Finance Corporation, to Seabury Asset Management LLC (“Seabury”). Pursuant to the terms of the agreement announced in December 2016, the divestiture included the sale of the payment plan processing business, payment plan receivables, and certain other assets to Seabury, which also assumed certain liabilities of Mepco. Colonnade Securities served as exclusive financial advisor to Mepco Finance Corporation and Independent Bank Corporation on this transaction. … [Read more...]

Colonnade Advises US Premium Finance on its Joint Venture with Ameris Bancorp

MOULTRIE, Ga., Dec. 19, 2016 /PRNewswire/ -- Ameris Bancorp (Nasdaq: ABCB) (the "Company") announced that its wholly owned banking subsidiary, Ameris Bank, has entered into a joint venture with US Premium Finance ("USPF") under which Ameris Bank will be the exclusive provider of credit on USPF's nationwide platform. USPF, the nation's sixth largest provider of credit on property and casualty premiums, currently has approximately 1,000 insurance agency customers in 50 states and approximately $400 million in outstanding loans originated and serviced. Commenting on the opportunity with USPF, Edwin W. Hortman, Jr., the Company's President and Chief Executive Officer, said, "We are … [Read more...]

Colonnade advises Town and Country on its acquisition of Premier Bank of Jacksonville

October 2015 Town and Country Financial Corporation ("TCFC") (OTC Pink:TWCF), the holding company for Town and Country Bank, has announced the acquisition of West Plains Investors, Inc., the holding company for Premier Bank of Jacksonville ("Premier"). The transaction has been unanimously approved by both companies’ boards of directors, and completion is subject to customary closing conditions, regulatory approval, and approval by WPI shareholders. Under the terms of the agreement, the $515 million-asset TCFC will pay all cash for the acquisition. Other terms were not disclosed. The transaction is expected to close in the first quarter of 2016. Colonnade Securities acted as financial … [Read more...]

Colonnade advises AFS/IBEX on its announced sale to MetaBank

October 2014 Meta Financial Group, Inc. (NASDAQ: CASH) and its bank subsidiary, MetaBank, have signed an agreement with AFS/IBEX Financial Services, Inc. (“AFS”) to acquire substantially all of AFS’ loan portfolio and related assets and hire its team. The proposed purchase, which is subject to customary conditions, has been approved by the boards of directors of each company and is expected to close by the end of the calendar year. AFS provides short-term, collateralized financing to facilitate the purchase of insurance for commercial property, casualty and liability risk. Founded in 1986, AFS/IBEX is one of the top ten insurance premium finance companies in the U.S., originating loans … [Read more...]

Colonnade advises Omnisure on its sale to Fortress

October 2014 Omnisure Group, LLC, a leading provider of payment plans for retail vehicle service contracts (VSCs), announced its sale to affiliates of Fortress Investment Group LLC (NYSE:FIG). Under terms of the sale, Fortress will take a controlling interest in Omnisure, previously held by Lincoln Park Capital, LLC, a Chicago based institutional investor, and affiliates, with the recapitalized company expected to pursue opportunities for growth and business expansion. Ed and Paul Walder, Omnisure’s founding executives, will retain a significant ownership stake in the company and will continue to operate the business going forward. Colonnade Securities LLC advised Omnisure Group on this … [Read more...]

Colonnade advises Thrivent on the conversion of its thrift to a credit union

December 2012 Thrivent Financial for Lutherans, a faith-based, not-for-profit membership organization with nearly 2.5 million members and more than $75 billion in assets under management, chartered a member-owned, member-governed federal credit union that accepted the transfer of all deposits and virtually all other assets and liabilities of Thrivent Financial Bank on December 1, 2012. Thrivent Financial Credit Union has approximately $500 million in assets, making it one of the largest faith-based credit unions in the United States. Thrivent Federal Credit Union is owned by its credit union members, not by Thrivent Financial for Lutherans.Anyone within the credit union’s “field of … [Read more...]

Colonnade advises D.E. Shaw & Co. and investors on the sale of PayLink Payment Plans, LLC to an investment group led by Oxford Financial Group

January 2012  Oxford Financial Group, Ltd., announced that PayLink Mayfair, Inc. has completed the acquisition of PayLink Payment Plans, LLC ("PayLink"). PayLink Mayfair, Inc., a strategic investment entity created by Oxford on behalf of a private investor group and the management of PayLink, is a continuation of Oxford’s Mayfair Management Buyout strategy of investing directly in privately held companies with exceptional management teams. Headquartered in Chicago, PayLink is a specialty finance company with a demonstrated leadership position as a provider of short-term, collateralized receivables and payment processing to facilitate the purchase of Vehicle Service Contracts ("VSC"), … [Read more...]

Colonnade advises First Niagara on its sale of Premium Payment Plan to Flatiron Capital, a division of Wells Fargo

  In June 2010, First Niagara Financial Group (Nasdaq: FNFG) agreed to divest its insurance premium finance business, Premium Payment Plan (“PPP”), through an exclusive referral and revenue sharing arrangement with Flatiron Capital, a division of Wells Fargo Bank, N.A. Terms of the transaction were not disclosed. Flatiron Capital is one of the largest premium finance companies in the United States. Colonnade Securities LLC advised First Niagara and PPP on the transaction. … [Read more...]

Colonnade advises First Bank on its sale of Universal Premium Acceptance Corporation to Premium Financing Specialists

In December 2009, First Bank of Clayton, Missouri completed the sale of its insurance premium finance subsidiary, Universal Premium Acceptance Corporation (“UPAC”), to Premium Financing Specialists, Inc. (“PFS”) of Kansas City, Missouri. 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. PFS is the largest independent premium finance provider in the nation. Colonnade Securities LLC served as exclusive financial advisor to First Bank and UPAC. … [Read more...]

Colonnade advises Webster Financial on its sale of Budget Installment Corporation to Texas Capital Bancshares, Inc.

In November 2009, Webster Financial Corporation (NYSE: WBS) of Waterbury, Connecticut completed the sale of its insurance premium finance subsidiary, Budget Installment Corporation, to Texas Capital Bancshares, Inc. (NASDAQ: TCBI) of Dallas, Texas. Terms of the transaction were not disclosed. Texas Capital Bancshares owns BankDirect Capital Finance, a leading insurance premium finance company in the U.S. Colonnade Securities LLC served as exclusive financial advisor to Webster Financial and Budget on the transaction. … [Read more...]

Colonnade Advises Aon on its Sale of Cananwill’s European Businesses to Macquarie Group

In July 2009, Aon Corporation (NYSE: AOC) of Chicago, Illinois completed the sale of the British and Irish businesses of its insurance premium finance subsidiary Cananwill, Inc. to Macquarie Group (ASX: MQG) of Sydney, Australia. Terms of the transaction were not disclosed. Colonnade Securities LLC served as exclusive financial advisor to Aon Corporation and Cananwill on the transaction. Macquarie Group is a global provider of banking, financial, advisory, investment and funds management services. Founded in 1969, Macquarie operates in more than 70 office locations in 26 countries and employs approximately 12,700 people. More information about the company is available … [Read more...]

Colonnade Advises Aon on its Sale of Cananwill’s Canadian Business to Macquarie Group

In July 2009, Aon Corporation (NYSE: AOC) of Chicago, Illinois completed the sale of the Canadian business of its insurance premium finance subsidiary Cananwill, Inc. to Macquarie Group (ASX: MQG) of Sydney, Australia. Terms of the transaction were not disclosed. Colonnade Securities LLC served as exclusive financial advisor to Aon Corporation and Cananwill on the transaction. Macquarie Group is a global provider of banking, financial, advisory, investment and funds management services. Founded in 1969, Macquarie operates in more than 70 office locations in 26 countries and employs approximately 12,700 people. More information about the company is available at www.macquarie.com. … [Read more...]

Colonnade Advises Aon on its Sale of Cananwill–Australia to Allianz Group

In July 2009, Aon Corporation (NYSE: AOC) of Chicago, Illinois completed the sale of the Australian business of its insurance premium finance subsidiary Cananwill, Inc. to Allianz Group (ETR: ALV) of Munich, Germany. Terms of the transaction were not disclosed. Allianz owns Hunter Premium Funding Ltd., which is a leading premium finance company in Australia. Colonnade Securities LLC served as exclusive financial advisor to Aon Corporation and Cananwill on the transaction. The Allianz Group is one of the leading integrated financial services providers worldwide. With nearly 155,000 employees worldwide, the Allianz Group serves approximately 75 million customers in about 70 countries. On … [Read more...]

Colonnade advises Aon on its sale of Cananwill (US) to BB&T

January 2009 PITTSBURGH, PRNewswire-FirstCall/ -- AFCO Credit Corporation today said it plans to buy the domestic operations and assets of the premium finance business of Cananwill from Aon Corporation. Glenview, Ill.-based Cananwill provides insurance premium financing for commercial property and casualty policies. It was founded in 1937. AFCO is the primary insurance premium finance subsidiary of Branch Banking and Trust Company, the principal subsidiary of Winston-Salem, N.C.-based BB&T Corporation. Pending regulatory approval, the AFCO purchase is expected to be completed by the end of the first quarter. Terms were not disclosed. BB&T is the second largest provider of … [Read more...]

Colonnade advises The Hanover Insurance Group on its sale of AMGRO to Premium Financing Specialists

In June 2008, The Hanover Insurance Group, Inc. (NYSE:THG) of Worcester, Massachusetts sold its insurance premium finance subsidiary AMGRO, Inc. to Premium Financing Specialists, Inc. (PFS) of Kansas City, Missouri. Terms of the transaction were not disclosed. PFS is the second largest insurance premium finance company in the United States. AMGRO is the tenth largest premium finance company. Colonnade Securities LLC served as exclusive financial advisor to The Hanover Insurance Group and AMGRO on the transaction. … [Read more...]

Colonnade advises Toronto-Dominion on its sale of Flatiron to Wells Fargo

May 2008 SAN FRANCISCO, PRNewswire-FirstCall/ -- Wells Fargo & Company (NYSE: WFC) and Flatiron Credit Company announced that Wells Fargo Bank, N.A. has acquired the business of Flatiron and its operating subsidiaries. Flatiron was a subsidiary of TD Banknorth, N.A. and is one of the nation’s largest insurance premium finance companies. Terms of the transaction were not disclosed. Colonnade Securities LLC advised Flatiron and Toronto-Dominion (TSX, NYSE: TD). Founded in 1995 by its two principals, Robert Pinkerton and Bruce Lundy, Flatiron Credit Company, including its operating subsidiary Flatiron Capital Corp., is the seventh largest premium finance company in the United States. It … [Read more...]

Colonnade Advises Sumitomo Corp. of America on its Sale of Broadway Premium Funding Corp. to Wintrust Financial

November 2007 LAKE FOREST, Ill., Nov. 1 /PRNewswire-FirstCall/ -- Wintrust Financial Corporation (“Wintrust”) (Nasdaq: WTFC) today announced the completion of its previously announced acquisition of 100% of the ownership interest of Broadway Premium Funding Corporation (“Broadway”) from Sumitomo Corporation of America. Since 1999, Broadway has been providing financing for commercial property and casualty insurance premiums, mainly through insurance agents and brokers in the northeastern portion of the United States and California. “This transaction is a great opportunity for both companies,” stated Edward J. Wehmer, President and CEO of Wintrust. “The transaction will help fulfill … [Read more...]

Colonnade Advises GMAC on Sale of EFD to Prudential

February 2007 GMAC Commercial Finance Sells Equipment Finance Portfolio to Prudential Capital Group GMAC Commercial Finance LLC (GMAC CF), a wholly-owned subsidiary of GMAC Financial Services, announced today that it completed the cash sale of $607 million of its equipment finance portfolio to Prudential Capital Group, an investment business of Prudential Financial, Inc., (NYSE: PRU). Colonnade Advisors LLC of Chicago, IL served as exclusive financial advisor to GMAC CF in the transaction. GMAC CF determined after a strategic review in the second half of 2006 to focus on its core businesses. The sale of the equipment finance portfolio is a result of that strategic plan. GMAC CF remains … [Read more...]

Colonnade Advises PFS on its Completed Acquisition of Mepco’s Premium Finance Business from Independent Bank Corporation

January 2007 Independent Bank Corporation (Nasdaq: IBCP), a Michigan-based bank holding company (“IBC” or the “Company”), reported that its subsidiary, Mepco Insurance Premium Financing, Inc. (“Mepco”), has closed the transaction to sell substantially all of its assets related to the insurance premium finance business to Premium Financing Specialists, Inc. (“PFS”). Mepco will continue to own and operate its warranty payment plan business. Colonnade Advisors LLC initiated this transaction and served as exclusive advisor to PFS. Under the terms of an amended definitive agreement, Mepco and its wholly-owned subsidiary, Mepco Acceptance Corp. (“MAC”), sold approximately $180 million of … [Read more...]

Colonnade Advises Dent-A-Med on its Sale to Harbert Private Equity Fund and Cambridge Place Investment Management

December 2006 Affiliates of Harbert Management Corporation and funds managed by Cambridge Place Investment Management LLP have acquired a majority equity interest in Dent-A-Med, Inc. Dent-A-Med, based in Springdale AR, offers private label credit card financing for consumer purchases of health care services and home health care products. Colonnade Advisors LLC represented Dent-A-Med in this transaction. Terms were not disclosed. Harbert Management Corporation is an investment management firm serving foundations and endowments, funds of funds, pension funds, financial institutions, insurance companies, family offices and high net worth individuals across multiple asset classes, including … [Read more...]

Colonnade advises the Management team of Residential Credit Solutions on the Launch of a New Mortgage Investment and Servicing Company

In December 2006, Residential Credit Solutions LLC, a newly formed residential mortgage investment and servicing company, received $125_million of private equity commitments from a group of investor led by Equifin Capital Partners of New York. Equifin and a management team led by mortgage industry executive Dennis Stowe formed Residential Credit Solutions LLC. Dennis Stowe, CEO of Residential Credit Solutions LLC, was formerly President and Chief Operating Officer of Saxon Capital Inc. Colonnade Advisors LLC served as exclusive financial advisor to the management team of Residential Credit Solutions. … [Read more...]

Colonnade Advises Capitol Payment Plan on its Sale to Premium Financing Specialists

November 2006 Premium Financing Specialists, Inc. (“PFS”) has completed its acquisition of assets from Capitol Payment Plan, Inc. (“Capitol”). Capitol is an insurance premium finance company headquartered in Albany, NY that extends short-term, collateralized financing to facilitate the purchase of insurance for personal and commercial property, casualty and liability risk. Capitol is a leader in financing non-standard automobile insurance policies in New York State through the state’s assigned risk plan. www.cappay.com Headquartered in Kansas City, MO, PFS has operated in the premium finance industry for 30 years and is the fourth largest company in the industry with $1 billion of … [Read more...]

Colonnade Advises UPAC on its Sale to First Banks

May 2006 First Banks, Inc. (“First Banks”) has completed the acquisition of Universal Premium Acceptance Corporation and its affiliates (“UPAC”). UPAC is an insurance premium finance company headquartered in Lenexa, KS, specializing in providing short-term collateralized financing to facilitate the purchase of insurance for commercial property, casualty and liability risk. UPAC is one of the top ten insurance premium finance companies in the United States. UPAC was founded in 1954 and operates in 49 states. At December 31, 2005, UPAC had assets of $146 million and stockholders’ equity of $17.3 million. www.upac.com At March 31, 2006, First Banks reported consolidated assets of $9.4 … [Read more...]

Colonnade advises Westburg Media Capital on its sale to Wells Fargo Foothill

In August 2004, Wells Fargo Foothill, a division of Wells Fargo & Company (NYSE: WFC), acquired the loan portfolio of Westburg Media Capital of Spokane, Washington. As part of the transaction, Wells Fargo hired most of Westburg’s employees. Terms of transaction were not disclosed. Westburg is a finance company that lends to media and publishing companies. Wells Fargo Foothill is a leading provider of senior secured financing from $10 million to $1 billion and more to companies in a wide range of industries. Colonnade Advisors LLC served as exclusive financial advisor to Westburg. … [Read more...]

Colonnade advises Mepco Insurance Premium Finance on its sale to Independent Bank Corporation

In April 2003, Independent Bank Corporation (NASDAQ:IBCP), acquired Mepco Insurance Premium Financing, Inc. (“Mepco”) of Chicago, Illinois. Mepco’s senior management team will continue to lead and operate the business after the closing of the transaction. Mepco is a 40-year-old company that specializes in financing insurance premiums and automobile warranty contracts. At December 31, 2002 Mepco had total assets of approximately $96 million and total finance receivables of approximately $89 million. Independent Bank is a bank holding company that operates 97 offices in Michigan. Colonnade Advisors LLC served as exclusive financial advisor to Mepco. … [Read more...]