Alliance Funding Solutions Acquires Stearns Financial Services Accounts Receivable Finance Division

http://www.insidearm.com/news/00002426-alliance-funding-solutions-acquires-stear/

Ogden, Utah – Alliance Funding Solutions, a division of Transportation Alliance Bank (TAB), located in Ogden, Utah, acquired Stearns Financial Services, the Accounts Receivable Finance Division of Stearns Bank N.A. as of May 1, 2010. Alliance Funding Solutions purchased all assets of the division and has begun the initial phase of transitioning operations.

Stearns Financial Services was established in 2003 for the purpose of providing factoring, accounts receivable financing, and re-discount credit facilities for small to medium size commercial businesses and finance companies throughout the United States.

Alliance Funding Solutions is the non-transportation division of Transportation Alliance Bank that focuses on growth opportunities through acquisition and referrals from a variety of sources to its professional sales group.

The combined division will continue to provide liquidity in the US to a variety of businesses including temporary staffing, oil field services, finance companies, manufacturing, and distribution.

“Alliance Funding Solutions is excited to welcome Stearns Financial Services clients and employees and look forward to maintaining the strong relationships established over the years.” said Jeff Bell, president of Transportation Alliance Bank. “Providing liquidity to businesses nationwide during challenging financial times has given us the opportunity to expand our footprint and further diversify our portfolio.”

About Transportation Alliance Bank
TAB is an Industrial Bank, chartered by the State of Utah and insured by the FDIC and a wholly owned subsidiary of Flying J. TAB has developed and offers a full spectrum of banking and complementary products and services. TAB currently has assets in excess of $460 million and a variety of financial products, including: accounts receivable financing, MasterCard® debit, credit and pre-paid cards, equipment loans, and savings and investing programs.