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 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...]