Daily News: October 24, 2012

Graystone Capital Acquires Island Factors

Graystone Capital, headquartered in Campbell, CA announced its successful acquisition of Island Factors, LLC. Located in Olympia, WA, Island Factors will continue to provide factoring services from its headquarters in the state of Washington. William Narez, Jr. will remain as president of Island Factors, which will be held as a wholly owned subsidiary of Graystone.

As part of the arrangement, Narez will also assume the role of chief operating officer of Graystone. CEO and chairman of Graystone, Kevin O’Hare commented: “I am delighted to have the opportunity to work once again with Will, as we did as young men over thirty years ago at Riviera Finance. During the course of his career, Will has emerged as a fine operator and has developed a solid reputation for building high-quality and successful finance companies along the way. He comes from a family of astute bankers, lenders and factors. This has provided him with wonderful credit instincts. His keen sense of humor will add a great deal of levity to Graystone’s culture. Due to Will’s many years of experience, he will have an immediate positive impact on Graystone’s team of lenders. This is a very appealing transaction.”

Narez noted that the acquisition was seamless and has not been disruptive to Island Factors’ clientele. He stated that: “Island Factor’s clientele have enjoyed a smooth transition with access to the same funding systems and software, making the transition a transparent process. The key for Island Factors was finding a complementary partner to grow with. Kevin and I make a great team – I am looking forward to working together and relying on each other