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 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 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...]