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TAB Bank Completes Acquisition of Anchor Funding’s Factoring Portfolio

May 21, 2014, 07:38 AM
Filed Under: Mergers & Acquisitions

TAB Bank is pleased to announce it has entered into an Asset Purchase and Sale Agreement to acquire the factoring portfolio and other related assets of Anchor Funding Services, LLC of Charlotte, NC. In addition to Anchor’s factoring portfolio of approximately 100 clients, the acquisition includes all portfolio related assets, names, trademarks, intellectual property, domains, and sales and marketing channels.

“We are very excited to have Anchor’s clients and great reputation combined with the TAB Bank family. This acquisition will allow TAB the opportunity to continue the high level of service and support they have come to expect from Anchor Funding Services while offering them the greater depth of products and services already available at TAB Bank. In addition to working capital financing such as factoring and asset-based lending, we offer equipment financing solutions, and business and commercial banking deposit accounts which are only available through an FDIC-insured bank like TAB. Anchor clients will benefit by knowing they are receiving these products and services from bankers and commercial finance professionals who truly understand their business,” stated Steve Sala, President and CEO of TAB Bank.

Sala continued, “As a result of their targeted sales and marketing approach, the Anchor Funding Services brand is very recognizable in the marketplace. This brand will continue as we seek to build upon that brand presence and the sales and marketing success already established. We are excited to offer and build the brands of both TAB Bank and Anchor Funding Services as trusted sources of working capital financing and commercial banking solutions.”

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, lines of credit, equipment finance, business accounts and treasury management services.

Anchor Funding Services was organized Charlotte, NC in 2004. They are a financial services company dedicated to serving the financing needs of small and mid-size businesses across the United States.

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