TAB Bank announced it has signed a definitive agreement to acquire a $54 million trucking equipment loan portfolio from Crossroads Equipment Lease & Finance. The portfolio acquired by TAB Bank will continue to be serviced by Crossroads Equipment Lease and Finance. Other terms of the portfolio acquisition have not been disclosed. 

The acquisition is part of TAB Bank’s overall strategy to strengthen and deepen strategic business relationships with partners in the trucking equipment finance space.

“We are very excited to enter into this agreement with Crossroads to complete this acquisition. We have financed trucking equipment at TAB Bank since day one and know the dynamics of the industry very well. We have the tools and the professional experience to underwrite these loans and evaluate the collateral on a go forward basis. I look forward to deepening this foundation in the trucking equipment finance space through this partnership with Crossroads. Their team has been a real pleasure to work with and I look forward to continuing this strategic relationship in the years to come,” commented Steve Sala, president and CEO of TAB Bank.

“Throughout the entire process, Crossroads’ respect for TAB Bank grew every day. We are pleased to partner with an organization that understands the transportation industry as well as TAB and look forward to future business opportunities and leveraging the synergy of our relationship for years to come. TAB Bank was a joy to work with,” commented Jeff Macartney, president of Crossroads Equipment Lease & Finance.