Oxford Commercial Finance, a wholly-owned subsidiary of Oxford Bank, acquired the assets of FSW Funding and hired its entire team. Robyn Barrett, owner and managing member of FSW Funding, will join Oxford Commercial Finance as senior vice president and managing director of its working capital division.
“The addition of approximately $25 million in high yield factoring assets is of course a benefit; however, we are more excited about having Robyn Barrett and her high performing team join our OCF group,” David Lamb, CEO of Oxford Commercial Finance, said. “Robyn has a tremendous record of success and I look forward to her being a critical component to grow our working capital division for OCF and being part of the bank’s overall leadership team.”
“I know the opportunity available to grow the business and have the team that can make it happen,” Barrett said. “OCF will bring the only missing piece to grow, which is liquidity and capital. I am also excited about the opportunity to help Oxford Bank clients, prospects and community with their working capital needs.”
The transaction is an asset acquisition plus assumption of certain liabilities related to those assets. Oxford Bank is issuing approximately 31,000 shares as part of the consideration to the owners. Other terms of the contract were not disclosed.