Austin Financial Services, Inc. (AFS), a leading nationwide provider of asset-based lending (ABL) solutions, announced it has entered into a new strategic joint venture with Stearns Bank, a well-capitalized, employee-owned financial services institution committed to helping small businesses, entrepreneurs and communities reach their full economic potential.

This strategic partnership combines Stearns Bank’s well-capitalized financial infrastructure with AFS’s entrepreneurial alternative lending model. Together, the companies will continue to provide flexible, relationship-focused lending solutions that empower small and medium-sized businesses to succeed in today’s economic landscape. The joint venture was fully executed and effective as of April 1, 2025.

“We’ve had the pleasure of working with Stearns Bank as a lending partner for several years. Getting to know their senior leadership and ownership has given us great confidence in the strength of this partnership,” said Jason Anish, President and CEO of AFS. “They demonstrate a deep commitment to their employees and deliver exceptional service to their customers. We share a like-minded, growth-oriented culture grounded in those same values. This joint venture positions us to continue to provide the flexible, relationship-focused solutions that have defined our business for over 40 years and will continue to do so well into the future.”

The joint venture reflects both companies’ shared commitment to supporting entrepreneurial businesses—and sets the stage for continued growth, innovation, and long-term client success.  AFS will continue to operate as an independent alternative lender and its clients will maintain the flexibility to bank where they choose, while also having the opportunity to take advantage of Stearns Bank’s best-in-class banking services. The partnership will also allow AFS to expand beyond its current asset-based lending product suite and explore new offerings to better serve its growing client base.

“This strategic alliance reinforces our commitment to delivering exceptional service as we help customers navigate an evolving economic environment,” said Heather Plumski, President of Stearns Bank. “We’re excited to partner with AFS and look forward to the positive impact this venture will have on the communities we serve nationwide.”

This joint venture follows Stearns Bank’s recent acquisition of Horizon Bank’s Mortgage Warehouse Lending Division earlier this year. Both transactions are part of Stearns Bank’s broader strategy of expanding its national footprint and reaching key business objectives in its three-year strategic growth plan.