SOURCE: TAB Bank

TAB Bank

July 08, 2015 11:15 ET

TAB Bank Provides $30.8 Million in Trucking Equipment Loans in 2015 2nd Quarter

OGDEN, UT--(Marketwired - Jul 8, 2015) - TAB Bank provided $30.8 million in trucking equipment loans for 99 transportation companies during the 2nd quarter of 2015. This is the largest volume of trucking equipment loans TAB Bank has ever produced in one quarter. It also represents a 49% year-over-year increase from the $15.6 million TAB did in 2nd quarter of 2014 and a 44% quarter-over-quarter increase from the $17.1 million the bank funded in 1st quarter of 2015.

Based in all regions of the country, the 99 companies who received funding to purchase new or used equipment represent a broad spectrum of trucking entities including one-truck owner-operators to small and large fleets.

"We have never been busier in our trucking equipment financing group at the bank and we could not be more thrilled! We have nearly funded as many trucking equipment loans in the first six months of 2015 as we did during the entire year of 2014. This growth and momentum is very exciting as it represents our continued commitment to providing financing solutions for our trucking customers," 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 financial solutions to a variety of industries such as manufacturing, staffing, and technology, the bank's first industry was trucking. 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.

Contact Information

  • Contact Information:

    Trevor Morris
    Director of Marketing
    801-624-5172
    trevor.morris@tabbank.com
    Twitter - @TABBank
    Facebook - facebook.com/TABbank