Axiom Bank, a Central Florida-based community bank, acquired Dallas-based Allied Affiliated Funding. The amount of the deal was not disclosed.
The acquisition adds a lender finance line of business, scalable factoring and an asset-based lending platform to Axiom. Allied Affiliated Funding will also bring expanded product capabilities to each entity’s clients. Its capabilities in factoring will result in new opportunities for Axiom Bank’s clients and prospects, while business capabilities in cash management services will provide opportunities for Allied’s current commercial clients.
Led by Clay Tramel, CEO, Allied was established in 1992 as a limited partnership to provide secured working capital in the form of accounts receivable factoring to small and middle market companies serving clients primarily in trucking, staffing, construction, manufacturing, oil and gas and telecommunications. Facilities typically range from $100,000 to $10 million. Allied also occasionally provides loans secured by real estate, equipment and inventory.
Following the deal, Tramel will remain CEO at what will now be known as Axiom Factoring. Gen Merritt-Parikh will be in charge of the day-to-day operations as president.
Led by President and CEO Daniel Davis, Axiom Bank provides retail banking services, including checking, deposit and money market accounts, through 24 branch locations, 22 of which are inside select Walmart Supercenters.