OXFORD COMMERCIAL FINANCE, A SUBSIDIARY OF OXFORD BANK, ANNOUNCES THE ACQUISITION OF THE ASSETS OF FSW FUNDING
On April 4, 2022, Oxford Commercial Finance Corp. (OCF), a subsidiary of Oxford Bank, announced the acquisition of FSW Funding's assets, including their team.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
On April 4, 2022, Oxford Commercial Finance Corp. (OCF), a subsidiary of Oxford Bank, announced the acquisition of FSW Funding's assets, including their team. This deal adds approximately $25 million in high-yield factoring assets to OCF. Robyn Barrett, owner of FSW Funding, will join as SVP, managing the Working Capital Division. The transaction includes an asset acquisition and the assumption of certain liabilities, with approximately 31,000 shares issued as part of the consideration. This acquisition aims to enhance OCF's capabilities and strengthen its market position.
Positive
- Acquisition of approximately $25 million in high-yield factoring assets.
- Hiring of Robyn Barrett adds expertise and leadership to OCF.
- Strengthens the Working Capital Division, potentially increasing revenue.
Negative
- Issuance of approximately 31,000 shares may lead to shareholder dilution.
Details
News Market Reaction – OXBC
The recorded move for OXBC in the trading session of this news was +0.63%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
OXFORD, Mich., April 4, 2022 /PRNewswire/ -- Oxford Commercial Finance Corp.("OCF"), a wholly owned subsidiary of Oxford Bank, is pleased to announce the acquisition of the assets of FSW Funding and hiring their entire team today. Ms. Robyn Barrett, Owner and Managing Member of FSW Funding, will join the OCF team as SVP - Managing Director, Working Capital Division and lead that segment for OCF.
CEO David Lamb commented "The addition of approximately
Robyn Barrett, Owner and Managing Member of FSW Funding noted "I know the opportunity available to grow the business and have the team that can make it happen. OCF will bring the only missing piece to grow which is liquidity and capital. I am also excited about the opportunity to help Oxford Bank clients, prospects and community with their working capital needs."
The transaction is an asset acquisition plus assumption of certain liabilities related to those assets. The Bank's parent, Oxford Bank Corporation, is issuing approximately 31,000 shares as part of the consideration to the owners. Other terms of the contract are not disclosed.
Oxford Commercial Finance Corp. ("OCF") is a wholly owned subsidiary of Oxford Bank. OCF focuses on the commercial finance or alternative asset space with segments being developed in working capital; alternative energy; and leasing across the United States.
Oxford Bank is a subsidiary of Oxford Bank Corporation, a registered holding company. It is the oldest commercial bank in Oakland County and operates seven full-service offices in Clarkston, Davison, Dryden, Lake Orion, Oakland Township, Ortonville and Oxford. The Bank also has a Customer Experience Center in Rochester Hills, MI with transactional services provided by Interactive Teller Machines only. In addition, Oxford Bank has business banking centers in Wixom, downtown Oxford and Flint, MI. The Bank has operated continuously under local ownership and management since it first opened for business in 1884. For more information about Oxford Bank and its complete line of financial services, please visit www.oxfordbank.com.
Except for the historical information contained herein, the matters discussed in the Release may be deemed forward-looking statements that involve risk and uncertainties. Words or phrases "will likely result", "are expected to", "will continue", "is anticipated", "estimate", "project", or similar expressions are intended to identify "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Factors which could cause actual results to differ, include, but are not limited to, fluctuations in interest rates, changes in economic conditions of the Bank's market area, changes in policies by regulatory agencies, the acceptance of new products, the impact of competitive products and pricing and the other risks detailed from time to time in the Bank's and Corporation's reports. These forward-looking statements represent the Bank's judgment as of the date of this report. The Bank disclaims, however, any intent or obligation to update these forward-looking statements.
Contact: David P. Lamb, President & CEO
Phone: (248) 628-2533
Fax: (248) 969-7230
View original content to download multimedia:https://www.prnewswire.com/news-releases/oxford-commercial-finance-a-subsidiary-of-oxford-bank-announces-the-acquisition-of-the-assets-of-fsw-funding-301516537.html
SOURCE Oxford Bank Corporation
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.