Triumph Bancorp, Inc. announced the transportation factoring assets of Interstate Capital Corporation (ICC) had been acquired by Triumph Business Capital (TBC), 80 percent of whose factoring business is in transportation, says TBC Vice President of Marketing Gena Mann.
Assets acquired include all of the accounts receivable and transportation factoring assets and operations of Interstate Capital Corporation and certain of its affiliates. Following the closing, the acquired operations continue to be conducted under the Interstate Capital brand name.
In a message to customers, ICC Founder and CEO Cliff Eisenberg noted nothing was expected to change about the administration of customer accounts, but for integration of access to services enabled by association with TBC. “In the coming weeks,” Eisenberg wrote, “you will begin to hear about some of the benefits of being a part of Triumph, like affordable insurance payments through Triumph’s Insurance Group and equipment financing through Triumph Commercial Finance.”
Other new benefits, Eisenberg added, were access to Triumph’s online broker credit system for round-the-clock access, and easy confirmation of factorable loads on DAT Load Boards via the “check mark program,” in which Triumph is the exclusive factoring partner.
Triumph initially announced its agreement to acquire the transportation factoring assets of Interstate Capital Corporation on April 9 this year. It closed in early June.