OGDEN, UT--(Marketwired - Jul 8, 2014) - TAB Bank provided $15.6 million in trucking equipment loans for 17 transportation companies during the 2nd 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.
"We continue to see the numbers for Class 8 truck sales and trailer sales trend up throughout the first two quarters of 2014. Obviously this is a great sign for the trucking industry as well as the overall economy. Our portfolio of financing trucking equipment is consistent with this growth. Our funding activity for trucking equipment in the 1st quarter for 2014 was up 39% from the equipment deals we funded in 4th quarter of 2013. This upward trend has continued, as we experienced a 24% uptick from 1st to 2nd quarter. We are excited with these positive trends and look for them to continue in the coming months," stated Jan Allen Ackley, Chief Lending Officer for TAB Bank.
Ackley continued, "In addition to providing financing for trucking equipment, we also offer customized working capital solutions through our Accounts Receivable Financing and Asset Based Lending programs. Many times, our clients in the trucking industry utilize both our equipment financing and working capital funding due to our expertise and knowledge of the industry. Our commercial finance and business banking teams are full of professionals with years of experience in providing financial service and support to trucking companies."
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.