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Triumph Bancorp Acquires Doral Money, Assumes Management of Doral CLOs

March 04, 2015, 07:16 AM
Filed Under: Banking News

Triumph Bancorp, Inc. announced that it, through its wholly owned subsidiary Triumph Capital Advisors, LLC, has acquired all the equity of Doral Money, Inc. and certain related assets in connection with the Federal Deposit Insurance Corporation's ("FDIC") auction process for Doral Bank.

As a result of this transaction, Triumph Capital Advisors has acquired the management contracts to two active CLOs consisting of approximately $703 million in assets under management. This brings Triumph Capital Advisors' outstanding assets under management to approximately $1.7 billion. In addition to the CLO management contracts being acquired, the primary assets of Doral Money consist of loans with a face value of approximately $37 million, which Triumph has assumed as part of the transaction, and certain securities of the CLOs, which were divested to a third party immediately following the closing as part of an agreement entered into by Triumph Capital Advisors in connection with the transaction.

"We are very excited about the value that this acquisition adds to Triumph," said Aaron P. Graft, Chief Executive Officer of Triumph Bancorp, Inc. He added, "This acquisition substantially increases our assets under management and the profitability of Triumph Capital Advisors."

Wachtell, Lipton, Rosen & Katz acted as legal advisor to Triumph Bancorp, Inc. in connection with the transaction. In addition, Dechert LLP acted as legal advisor to Triumph Capital Advisors with respect to the assignment of the CLO management contracts.

Headquartered in Dallas, Texas, Triumph Bancorp, Inc.  is a financial holding company with a diversified line of community banking, commercial finance and asset management activities.

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