TAB Bank Provides $15.6MM in Q2/14 Trucking Equipment Loans
TAB Bank provided $15.6 million in trucking equipment loans for 17 transportation companies during Q2/14. Based in different regions of the country, these companies represent a broad spectrum of trucking entities including one-truck owner-operators and small and large fleets, the company reported.
“We continue to see the numbers for Class 8 truck sales and trailer sales trend up throughout the first two quarters of 2014. Obviously this is a great sign for the trucking industry as well as the overall economy. Our portfolio of financing trucking equipment is consistent with this growth. Our funding activity for trucking equipment in the first quarter for 2014 was up 39% from the equipment deals we funded in fourth quarter of 2013. This upward trend has continued, as we experienced a 24% uptick from first to second quarter. We are excited with these positive trends and look for them to continue in the coming months,” stated Jan Allen Ackley, chief lending officer for TAB Bank.
While FDIC-insured TAB Bank provides working capital and other customized financial solutions to a variety of industries such as manufacturing, staffing, and technology, the bank’s first industry was transportation.