CFBank Taps Orion First to Provide Servicing for Equipment Financing
SEATTLE, March 10, 2021 /PRNewswire/ -- Orion First Financial, LLC announced today that CF Bankshares Inc. (NASDAQ: CFBK) and its wholly-owned banking subsidiary, CFBank, N.A. ("CFBank"), has selected Orion First, a full-service commercial loan and lease portfolio servicer, as its exclusive provider of primary management services for the bank's equipment finance and leasing line of business.
The agreement between the companies supports CFBank's recent expansion into commercial equipment finance and leasing, offering financing to businesses secured by new and used equipment.
As part of the agreement, Orion will provide CFBank with full portfolio management services including the booking of newly originated contracts; payment processing and all cashier services; reporting covering accounting, portfolio data, delinquencies, and custom reporting; fully staffed, white-labeled customer service support, and delinquency/default management.
CFBank's focus in this arena will be middle-market and small-ticket equipment finance transactions, loans, and portfolio purchases. It will originate transactions from third parties and bank customers before eventually expanding into vendor programs. "Our decision to go with Orion was simple: they're the best at what they do," says John Catalano, CFBank's new president of equipment finance. "We want to stay focused on origination and credit underwriting. For that, we need a trusted partner for portfolio servicing and that is what we have with the Orion team."
"We are excited to support CFBank with their entry into the equipment finance space," said Quentin Cote, EVP of Orion First. "This is a fantastic team doing great work that aligns with our values. They are actively committed to helping small businesses succeed. As more banks enter the equipment finance and small ticket finance sectors, our industry as a whole benefits from their lending experience, their knowledge of commercial banking products, expanded customer bases, and ultimately, new ways to improve the experience of small business borrowers everywhere."
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About Orion First
Orion First, founded in 2001, is a full-service commercial loan and lease portfolio servicer which provides a suite of services and products to manage the complete life cycle of a borrower. Orion's servicing platform includes systems to support lease and loan accounting, credit application processing, scoring and decisioning products, and collection management.
About CFBank
CFBank is a boutique commercial bank that was founded in 1892 and headquartered in Columbus, Ohio. Over a century has passed and its focus remains the same: to help businesses and individuals thrive. CFBank specializes in commercial loans and leases, commercial and residential real estate lending, treasury management depository services, and personal banking. CFBank is proud of its Ohio roots serving client needs through its physical locations in several Ohio major metro-markets including Columbus, Cleveland, Cincinnati, Akron, and branch locations in Columbiana County. In addition to its expanding network of full-service brick-and-mortar locations, CFBank also has national lending and deposit account origination presence. CF Bankshares, Inc. is the holding company for CFBank, N.A. (NASDAQ: CFBK)
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SOURCE Orion First Financial
