OGDEN, UT--(Marketwired - Sep 3, 2015) - TAB Bank today announced it has signed a definitive agreement to acquire a $54 million trucking equipment loan portfolio from Crossroads Equipment Lease & Finance, LLC. The portfolio acquired by TAB Bank will continue to be serviced by Crossroads Equipment Lease and Finance. Other terms of the portfolio acquisition have not been disclosed. The acquisition is part of TAB Bank's overall strategy to strengthen and deepen strategic business relationships with partners in the trucking equipment finance space.
"We are very excited to enter into this agreement with Crossroads to complete this acquisition. We have financed trucking equipment at TAB Bank since day one and know the dynamics of the industry very well. We have the tools and the professional experience to underwrite these loans and evaluate the collateral on a go forward basis. I look forward to deepening this foundation in the trucking equipment finance space through this partnership with Crossroads. Their team has been a real pleasure to work with and I look forward to continuing this strategic relationship in the years to come," commented Steve Sala, President and CEO of TAB Bank.
"Throughout the entire process, Crossroads' respect for TAB Bank grew every day. We are pleased to partner with an organization that understands the transportation industry as well as TAB and look forward to future business opportunities and leveraging the synergy of our relationship for years to come. TAB Bank was a joy to work with," commented Jeff Macartney, President of Crossroads Equipment Lease & Finance.
About TAB Bank
Founded in 1998, FDIC-insured TAB Bank provides working capital and other financial solutions to companies from a variety of industries. In addition to Equipment Finance, these financial solutions are provided in the form of Accounts Receivable Financing, TAB FAST Financing, Asset Based Loans, Lines of Credit, Business Accounts, and Treasury Management Services.
About Crossroads Equipment Lease & Finance, LLC
Founded in 2006, Crossroads is a transportation equipment leasing company. From our original focus on supporting our sister company, Velocity Vehicle Group (VVG) and surrounding Southern California commercial truck dealerships, Crossroads has developed into a national equipment leasing company with direct national sales, a telesales channel and the recent purchase of one of the 14 non-bank Small Business Association (SBA) lending licenses. This SBA license will allow Crossroads to provide working capital loans, real estate loans and loans for all types of equipment.
To learn more about TAB's acquisition of the trucking equipment finance loan portfolio of Crossroads or to discuss other similar acquisition opportunities, please contact TAB's Senior Vice President of Sales and Marketing, Justin Gordon (801) 624-5606, justin.gordon@tabbank.com.
For questions related to Crossroads Equipment Lease & Finance, LLC, please contact Autumn Heseltine VP of Finance & Administration (909) 291-6434, Aheseltine@crlease.com
Contact Information:
Media Contact:
Trevor Morris
Director of Marketing
801-624-5172
trevor.morris@tabbank.com
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