Axiom Bank, N.A., a community bank headquartered in Central Florida, acquired Dallas-based Allied Affiliated Funding, L.P.
The amount of the deal was not disclosed.
This acquisition adds a lender finance line of business, scalable factoring and an asset-based lending platform to Axiom. In addition, bringing together two companies with complementary strengths and cultures will provide a platform to extend Axiom’s business banking solutions across a larger market area.
Allied Affiliated Funding will also bring expanded product capabilities to each entity’s clients. Its capabilities in factoring will result in new opportunities to Axiom Bank’s clients and prospects, while business capabilities in cash management services will provide opportunities for Allied’s current commercial clients.
Led by Clay Tramel, Chief Executive Officer, Allied was established in 1992 as a limited partnership to provide secured working capital in the form of accounts receivable factoring (invoice based financing) to small and middle market companies serving clients primarily in such industries as trucking, staffing, construction, manufacturing, oil and gas, and telecommunications.
Facilities typically range from $100k to $10m. In addition to factoring services, Allied occasionally provides loans secured by real estate, equipment, and inventory.
Following the deal, Tramel will remain CEO at what will now be known as Axiom Factoring. Gen Merritt-Parikh will be in charge of the day-to-day operations as President.
Led by Daniel Davis, President and CEO, Axiom Bank provides retail banking services, including checking, deposit, and money market accounts, through 24 branch locations, 22 of which are inside select Walmart Supercenters. The bank also specializes in commercial loans for both real estate and business purposes, as well as treasury management and other merchant services. In addition, it sponsors prepaid debit card programs offered by third‐party program managers. Axiom was also recently approved as an SBA preferred lender, a designation that allows the bank to independently approve and underwrite SBA 7(a) loans.
The company is advancing a growth strategy, which also includes:
– branch expansions (the most recent of which is located in Orange County’s growing Hamlin development);
– the launch of AxiomGO, a mobile banking app; and
– the addition of staff with specialty expertise.
FinSMEs
23/08/2018