DALLAS – July 19, 2016 – TBK Bank, SSB today announced the signing of an asset purchase agreement to acquire the assets of Dallas-based Southern Transportation Insurance Agency, Ltd. through its wholly owned insurance subsidiary, Triumph Insurance Group, Inc. Subject to customary regulatory approvals, the transaction is expected to close in the third quarter of 2016.
Aaron Graft, vice chairman and CEO of TBK Bank, explains, “Triumph is a leading financial services provider to small businesses in the transportation sector. This acquisition further solidifies that position.”
Upon closing, the asset purchase will expand Triumph Insurance Group’s footprint and product offering for clients in the transportation industry. “We feel that the acquisition of Southern Transportation Insurance Agency will enhance our platform by enabling us to expand our insurance business from both an immediate and long-term outlook,” Wess Peterson, senior vice president of Triumph Insurance Group, said. “We are excited to have their team join ours and will count on their expertise as we continue to grow our business and add value to our clients.”
The producers and staff of Southern Transportation Insurance Agency will become employees of Triumph Insurance Group immediately following the close of the acquisition and will move to Triumph’s Dallas office.
“We look forward to joining a company like Triumph Insurance Group,” Stephen Trent, president of Southern Transportation Insurance Agency, added. “It will give us immediate access to resources that we previously haven’t had, and the combined team will expand the reach of the overall organization.” Mr. Trent will continue in his role as key thought leader, client advocate, and team builder within Triumph Insurance Group.
This acquisition is not expected to have a material impact on the financial results of Triumph Bancorp, Inc. for the 2016 fiscal year.
About TBK Bank, SSB
TBK Bank, SSB, a subsidiary of Triumph Bancorp, Inc. (Nasdaq: TBK), is a Texas-state savings bank headquartered in Dallas, Texas. Through our divisions, we offer a full range of commercial and consumer banking products and services. Our Triumph Community Bank division offers commercial and consumer banking products from 18 branches throughout eastern Iowa and Illinois. We also offer lending and deposit products through our Triumph Savings Bank division, in Dallas, Texas. Through our divisions Triumph Commercial Finance, Triumph Healthcare Finance and Triumph Premium Finance, we offer asset based lending, equipment finance and insurance premium financing throughout the United States. Member FDIC.
This Press Release may contain forward-looking statements within the meaning of the federal securities laws. Investors are cautioned that such statements are predictions and that actual events or results may differ materially. These forward-looking statements are not guarantees of future results and are subject to factors that could cause actual results to differ materially from those we may expect. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” and the forward-looking statement disclosure contained in Triumph Bancorp, Inc.’s Annual Report on Form 10-K, filed with the SEC on February 26, 2016. Forward-looking statements speak only as of the date made and Triumph undertakes no duty to update such information.
Source: TBK Bank, SSB
Posted in Triumph Bancorp