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Commercial Credit Names Former TAB Bank CEO to Oversee Transfac Capital

September 07, 2017, 07:00 AM
Filed Under: Factoring

Charlotte-based equipment finance company, Commercial Credit, Inc. taps long-time financial services operator to head new factoring acquisition.

Transfac Capital, Inc., the newly acquired factoring subsidiary of Commercial Credit, Inc., has hired Steven Sala to head the Salt Lake City-based company. Sala will hold the title of Senior Vice President and will oversee all operations of Transfac Capital, including sales, marketing and general business operations.

“Steve brings a great deal of industry knowledge, people skills and a proven track record of building strong businesses,” notes Commercial Credit CEO, Dan McDonough. “We are very excited to have him on the team and look forward to the benefits of his leadership as we capitalize on Transfac Capital’s growth potential.” Sala’s prior experience includes President and CEO of TAB Bank as well as senior positions and advisory roles at multi-billion dollar financial institutions.

“Dan and I began discussing complimentary business opportunities to CCG’s equipment finance business and specifically the accounts receivable finance space. After consummating the acquisition of Transfac Capital, the opportunity for me to join the Commercial Credit team was too hard to pass. CCG has done a tremendous job developing their brand and incredible reputation over the past 14 years and the opportunity to head up their accounts receivable finance company allows me to bring my years of experience to an industry leader and leverage the strengths of both organizations”

With roots extending back 75+ years, Transfac Capital prides itself on being one of the longest operating financial service providers in the country. Formed as a co-op created to process invoices for the transportation industry, Transfac Capital has evolved into a full-service accounts receivable finance provider for a variety of industries.

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