TAB bank signs up transport leasing specialist

TAB Bank has signed an agreement to acquire a $54 million trucking equipment loan portfolio from specialist Crossroads Equipment Lease and Finance, who will continue to service the portfolio.

Other terms of the portfolio acquisition have not been disclosed. The acquisition is part of TAB Bank’s overall strategy to strengthen and deepen strategic business relationships with partners in the trucking equipment finance space.”We are very excited to enter into this agreement with Crossroads to complete this acquisition. 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,” commented Steve Sala, President and CEO of TAB Bank.

“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.

Founded in 2006, Crossroads is a transportation equipment leasing company which originally focused on supporting a sister company, Velocity Vehicle Group (VVG) and surrounding Southern California commercial truck dealerships, but has now developed into a national equipment leasing company.