OGDEN, UT--(Marketwired - Apr 11, 2014) - TAB Bank provided $12 million in trucking equipment loans for 17 transportation companies during the 1st quarter for 2014. Based in different regions of the country, these companies represent a broad spectrum of trucking entities including one-truck owner-operators and small and large fleets.
"Providing financing for trucking equipment has been one of our core loan products since day one at TAB Bank. It is a major focus of our lending goals and we are pleased to be able to be a financial partner with so many truckers and trucking companies in keeping their fleets in top-performing condition. Our funding activity for trucking equipment in the 1st quarter for 2014 is up 39% from our equipment deals we funded in 4th quarter for 2013. I am excited with this growth and it represents our commitment to providing financing solutions for the trucking industry," stated Jan Allen Ackley, Chief Lending Officer for TAB Bank.
While FDIC-insured TAB Bank provides working capital and other customized financial solutions to a variety of industries such as manufacturing, staffing, and technology, the bank's first industry was transportation. In addition to Equipment Finance, these financial solutions are provided in the form of Accounts Receivable Financing, Asset Based Loans, Lines of Credit, Business Accounts, and Treasury Management Services.