JERICHO, N.Y., April 7, 2025 /PRNewswire/ — Esquire Financial Holdings, Inc. (NASDAQ: ESQ) (the “Company”), the financial holding company for Esquire Bank, National Association (“Esquire Bank” or the “Bank”), (collectively “Esquire”) today announced that the Bank has entered into a sourcing joint venture agreement (“Agreement”) through which funds managed by affiliates of Fortress Investment Group (“Fortress”) will provide capital to expand lending solutions and banking services to contingency fee law firms.
This Agreement will combine the strengths of Esquire Bank’s national commercial lending and banking platforms with the origination and underwriting experience of Fortress’s Legal Assets Group and the lending capacity of funds managed by affiliates of Fortress (“Fortress funds”) to increase contingency fee law firms’ borrowing options and access to tailored credit facilities with industry-leading terms, rates and flexibility. With expanded access to capital, law firms will be able to benefit from larger and more bespoke bank and non-bank financing to support initiatives like growth, investment in technology to improve client experience, acquisitions, partner changes and distributions, and operations.
“We’ve been impressed with Fortress’s strong track record, reputation, and investment strategy, and believe this joint venture complements both of our business models,” stated Andrew C. Sagliocca, Vice Chairman, CEO and President of Esquire. “This joint venture will provide contingent fee law firms with additional flexibility for both financing terms and advance rates against their contingent fee collateral.”
“Fortress is pleased to partner with Esquire Bank to offer capital solutions to contingency fee law firms nationally,” said Joseph Dunn, Co-CIO of the Fortress Legal Assets Group. “We believe that the Fortress Legal Asset Group’s focus on providing tailored credit solutions for law firms in the US, with a varied corporate, government, and consumer client base, is a good complement to Esquire Bank’s nationwide law firm lending and banking business. We look forward to working with the Bank on transactions that meet the unique capital needs of attorneys and law firms and offer attractive investment opportunities for investors in Fortress funds.”
