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 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 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...]