Atlanta-based Ameris Bank has announced the acquisition of Balboa Capital, an SME-focused lending fintech. According to the terms of the deal, the Bank will pay for the acquisition in an all-cash transaction.
The bank stated that the deal will be used to enhance its business lending offerings and expand its presence in the point-of-sale (POS) financing market.
Ameris Bank To Diversify Its Lending Platform
In addition, the acquisition of Balboa Capital will diversify the bank’s lending platforms, including its warehouse lending business, mortgage banking, and premium finance.
“The acquisition will allow the bank to provide a new lending option to its business customers, says Chief Executive Officer of Ameris Bancorp, Palmer Proctor.
He added that Balboa Capital has provided growth capital for thousands of businesses, helping them with same-day funding and instant credit decisions.
Chief Strategy Officer of Ameris Bank, James LaHaise, stated that with Balboa Capital’s “highly flexible technology”, the bank can provide a variety of financing needs to business owners.
Balboa Capital was founded in 1988 with headquarters in Costa Mesa, California.
The company’s Chief Executive Officer, Patrick Byrne, stated that Ameris Bank’s resources will come in handy for the fintech as it looks to expand its operations and provide new financial solutions to customers. Ameris Bank says it has 165 branches in California, Alabama, South Carolina, and Georgia.
Balboa Capital To Operate On A Larger Scale
Balboa is an online provider of business solutions to small and medium-sized organizations across a wide range of industry sectors in the United States. The firm provides small business loans for franchise financing, equipment vendor financing, commercial financing, as well as business lines of credit.
Ameris Bank says the acquisition of the firm does not change its operations as it will continue to carry out its businesses with customers, but on a broader scale. Ameris Bank is offering an expanded capital outlay to help the business reach its potential.
And the combined technology and industry expertise of Balboa Capital with the strength of Ameris will continue to offer a trusted source of funding to franchise owners and middle-market executives, the bank reiterated.