TAB Bank on acquisition trail

TAB Bank has signed a definitive agreement to acquire a $54 million trucking equipment loan portfolio from Crossroads Equipment Lease & Finance, which will continue to service the portfolio. The terms of the acquisition have not been disclosed.

The move forms part of TAB Bank’s overall strategy to strengthen and deepen strategic business relationships with partners in the trucking equipment finance space.

Steve Sala, president and CEO of TAB Bank, said: “We have financed trucking equipment at TAB Bank since day one and know the dynamics of the industry very well. We have the tools and the professional experience to underwrite these loans and evaluate the collateral on a go forward basis. I look forward to deepening this foundation in the trucking equipment finance space through this partnership with Crossroads.”

“We are pleased to partner with an organization that understands the transportation industry as well as TAB and look forward to future business opportunities and leveraging the synergy of our relationship for years to come,” commented Jeff Macartney, president of Crossroads Equipment Lease & Finance.