Ogden-based TAB Bank has finalized the acquisition of payment processing services company BAMFi’s BAM Capital division and its $46 million loan portfolio. This is TAB Bank’s fourth completed acquisition of a working capital loan portfolio. As part of the acquisition, TAB will retain the operations and staff at BAM’s office in Dallas.
BAMFi, a leading provider of software for the secured lending industry, will maintain ownership of its other divisions, including FactorCloud, its proprietary cloud-based secured lending software business.
“This is a great acquisition for TAB Bank and we are very excited to welcome BAM’s customers,” said Curtis Sutherland, senior vice president at TAB Bank. “These new customers represent a wide range of industries, including transportation, transportation brokerages, staffing, oil and gas, manufacturing and distribution. We are also very pleased to welcome BAM’s staff in Dallas to our team. This is a great opportunity for us to expand our footprint in Texas through the Dallas/Fort Worth market. We have a long history of providing working capital solutions and support to small to medium-sized businesses and we are thrilled to extend our offerings to our new clients.
Terms of the acquisition were not disclosed.
Founded in 1998, TAB Bank was originally established to provide financial products and services to the trucking industry. Today, TAB Bank offers custom working capital solutions to commercial businesses from many industries. It employs about 350 people.