Commercial Funding, a national provider of accounts receivable financing, acquired the factoring portfolio of Amegy Bank, a division of Zions Bancorporation, expanding its presence in the United States.
The acquisition expands Commercial Funding’s factoring portfolio, strengthens market penetration in key industries and further diversifies the client base Commercial Funding serves.
Included in the transaction, along with the factoring portfolio, Commercial Funding will bring on key members of the servicing team to ensure continuity of service. Clients will continue working with their current servicing team members and will experience uninterrupted access to their accounts and historical data.
“The purchase of this portfolio expands our presence in the western and southwestern states and strengthens our ability to serve a broader range of clients,” James Baugh, senior vice president for Commercial Funding, said. “Given the alignment in our operations and customer credit profiles, we are well-positioned to deliver a seamless transition while enhancing the level of service our customers expect.”
Terms of the agreement are undisclosed.
