SOURCE: Coast Capital Savings Credit Union

Coast Capital Savings Credit Union

May 06, 2014 15:14 ET

Coast Capital Group of Companies and Travelers Financial Corporation Combine Equipment Finance Businesses to Create Travelers Finance Ltd.

VANCOUVER, BC--(Marketwired - May 06, 2014) - Coast Capital Equipment Finance Ltd. (CCEF), a subsidiary of Coast Capital Savings, and Travelers Financial Corporation (TFC) announced today that the assets of the prime equipment and vehicle finance business of TFC are now part of the Coast Capital Group of Companies.

The consolidated equipment finance business of the Coast Capital Group of Companies will be carried out under CCEF and two new entities, Travelers Finance Ltd. and Travelers Leasing Ltd.

The combination will help strengthen offerings, diversify origination channels, and add new technology for faster service to customers. The day-to-day operations will remain business-as-usual with no significant changes for customers, staff or leadership of each company.

"By joining forces we are drawing on each organization's natural strengths to create something truly special," says Tracy Redies, Coast Capital Savings' President and CEO. "It is good for us as an organization, good for our customers and certainly good for the marketplace as we have industry leading expertise and the ability to go out with superior offerings."

TFC is one of the largest independent finance and leasing companies in Canada, offering a wide range of assets-based financing solutions to commercial and industrial sectors. Headquartered in Burnaby B.C., they also have offices in Alberta, Saskatchewan, Manitoba and Ontario.

Jim Case, CEO, Travelers Financial Corporation, says that the transaction is an exciting next step for the business. "We have always focused on what we can do to better serve our customers," Case explains. "This is another way to ensure that we are continuing to bring the best in expertise and pricing to them. We are happy to be part of the Coast Capital Group of Companies and look forward to building on our shared success."

ABOUT COAST CAPITAL EQUIPMENT FINANCE LTD. ("CCEF")

CCEF is a subsidiary of Coast Capital Savings. Coast Capital Savings is Canada's second largest credit union, owned by its 512,000 members. It has 50 branches in the Metro Vancouver, Fraser Valley and Vancouver Island regions of British Columbia.

Coast Capital Savings, directly and through CCEF, offers commercial and industrial equipment leasing and financing to companies located from British Columbia to Ontario. 

The activities of CCEF are focused on securing financing opportunities primarily in the transportation, manufacturing, and construction markets, as these financings are secured by assets with strong resale values to mitigate risk.

ABOUT TRAVELERS FINANCIAL CORPORATION ("TFC")

TFC was founded in 1986, and has since maintained a focus on the mid-market equipment leasing business. TFC offers a wide range of asset-based financing solutions to commercial and industrial sectors including transportation, construction, manufacturing, and other capital intensive industries, as well as corporate aircraft and automobile leasing.

In addition to the business operated by TFC, the operations of the Travelers Group were diversified in 1993 with the acquisition of a consumer acceptance company, Travelers Acceptance Corporation, which in 2010 was acquired by Servus Credit Union. Further diversification was achieved in 1995 with the national expansion of Travelers Leasing Corporation, an automobile leasing company that in 2007 was acquired by Scotiabank and renamed Scotia Dealer Advantage. Travelers expanded again in late 1999 with the acquisition of an Alberta-based equipment leasing company, which was later merged into Travelers Financial Corporation.

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