Peoples Bank announced it will acquire the operations and assets of Triumph Premium Finance (“TPF”), a division of TBK Bank, SSB.
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.
Upon consummation of the agreement, current Senior Vice President of TPF, John Binaggio, will manage the insurance premium financing operations for Peoples Bank. Closing is expected during the third quarter of 2020 and is subject to regulatory approval and other conditions. Terms of the transaction were not disclosed.
Colonnade Securities LLC acted as exclusive financial advisor to TPF and TBK Bank.