Hot Features
Premium
Register for streaming realtime charts, analysis tools, and prices.
Will it be a triumph?
Triumph Bancorp (Nasdaq:TBK), the holding company for Triumph Community Bank, N.A. and Triumph Savings Bank, SSB, announced that its subsidiary banks intend to seek regulatory approval to merge into a single bank later this year. The combined bank will continue doing business under their current names, Triumph Community Bank and Triumph Savings Bank, in their respective markets.
“The merger of our two banks is consistent with our overall plan to improve Triumph’s operational efficiencies,” said Aaron P. Graft, Vice Chairman and Chief Executive Officer of the Company. “Our goal is to continue growing our organization. This merger allows us to benefit from synergies in our back office operations and puts us in a solid position for future acquisitions. It is a logical step forward in the Triumph growth story.”
Mr. Graft added, “The merger of our two banks will have no impact on the products and services available to our customers. We will continue to provide the same customer service that our customers have come to expect, while delivering the same quality services that have made us mainstays in the communities we serve.” Triumph Community Bank will continue operating its 18 branches and more than 30 ATMs throughout Illinois and Eastern Iowa while Triumph Savings Bank will continue operating its two branches in Dallas, Texas. John D. DeDoncker will serve as the Chief Executive Officer of the Triumph Community Bank division.
The company’s specialty finance divisions, Triumph Commercial Finance and Triumph Healthcare Finance, as well as its other subsidiaries including Triumph Business Capitial, Triumph Insurance Group, Inc. and Triumph Capitial Advisors, LLC, will also retain their names.
In a statement the company said:
“Headquartered in Dallas, Texas, Triumph Bancorp, Inc. (Nasdaq:TBK) is a financial holding company with a diversified line of community banking, commercial finance and asset management activities. We serve our local communities through our two wholly owned bank subsidiaries, Triumph Savings Bank, SSB and Triumph Community Bank, N.A. These operations include a full suite of lending and depository products and services focused on meeting the needs of our customers in our community banking markets. We serve a broad national customer base through our commercial finance brands, which include discount factoring through Triumph Business Capital, equipment lending and general asset based lending through Triumph Commercial Finance, healthcare asset based lending through Triumph Healthcare Finance, and commercial insurance through Triumph Insurance Group.”
