OGDEN, Utah, Nov. 25, 2019 (GLOBE NEWSWIRE) -- TAB Bank is pleased to announce it has finalized the acquisition of BAMFi’s $46 million BAM Capital Division. This is TAB Bank’s fourth successful completed acquisition of a working capital loan portfolio. As part of the acquisition TAB will retain the operations and staff at BAM’s office in Dallas, TX.
BAMFi, a leading provider of software for the secured lending industry, will continue to own FactorCloud™, its proprietary, all-in-one, cloud-based secured lending software solution.
“This is a great acquisition for TAB Bank, and we are very excited to welcome BAM’s customers. These new customers represent a wide range of industries including transportation, transportation brokerages, staffing, oil & gas, manufacturing, and distribution. We are also very pleased to welcome BAM’s staff in Dallas to our team. This is a great opportunity for us to expand our footprint in Texas through the Dallas/Ft. Worth market. We have a long history of providing working capital solutions and support to small to medium-sized businesses and we are thrilled to extend our offerings to our new clients. In addition to our focus on providing working capital lines of credit to small business owners, we are excited to offer BAM’s account holders a full suite of business online banking solutions and Treasury Management Services, which will allow them greater flexibility, efficiency, and cost-savings in managing their capital,” stated Curtis Sutherland, Senior Vice President at TAB Bank.
Terms were not disclosed. To learn more about TAB’s acquisition of the BAM Capital Division of BAMFi or to discuss other similar acquisition opportunities, please contact TAB’s Senior Vice President, Curtis Sutherland (801-389-4967, curtis.sutherland@tabbank.com).
About TAB Bank
Founded in 1998, TAB Bank was originally established to provide financial products and services to the trucking industry. Today, TAB Bank offers custom working capital solutions to commercial businesses from many industries. These solutions are provided in all stages of business life cycles during any economic conditions. TAB Bank does this through Asset Based Loans, Accounts Receivable Financing, Factoring, Lines of Credit, and Equipment Finance. TAB’s lending options can also be combined with a full suite of business banking solutions and Treasury Management Services.
About BAMFi
BAMFi has been a leading provider of cash management and working capital solutions for transportation, construction, oil and gas, and temporary staffing service providers, committed to helping their clients increase their financial performance through operational efficiency. The company was recently named #121 on the 2019 Inc. 5000 fastest-growing companies list, making it one of the most innovative and promising transportation factoring services companies.
BAMFi is now solely focused on its proprietary, all-in-one, cloud-based secured lending software solution, FactorCloud (fka BAMwire™). FactorCloud allows factoring companies, asset-based lenders, and banks to reduce costs, increase efficiencies, reduce errors, and lower risk. The easy-to-use Software-as-a-Service (SaaS) solution is the only product on the market with computer vision and artificial intelligence built in.
READ ORIGINAL ARTICLE
Sign up for product updates
Enter your email below to stay up to date on all new integrations and features we add to FactorCloud.
