TECTP - Tectonic Financial acquires Integra Funding Solutions in cash-stock deal

Tectonic Financial ([[TECTP]] +0.7%) closed the acquisition of Integra Funding Solutions in a cash and common stock deal.Tectonic said Integra, a factoring company providing financing to transportation companies in the U.S., has grown rapidly while maintaining credit losses below industry norms. As a part of the transaction, Integra Co-Founder and Manager Tracy Bolt, and Randall Woods, Co-Founder and President of Integra, will become significant shareholders of Tectonic Financial.In addition, Woods will serve as CEO of the Integra division within T Bank, Tectonic's wholly-owned banking subsidiary.The acquisition provides T Bank an additional small business vertical to which it can offer its range of financial services to transportation and energy companies.Tectonic said the the acquisition will help sustain its high return on equity and return on assets profile, while maintaining its overall attractive credit metrics.Tectonic expects the acquisition will be accretive to earnings in 2021 and 2022. "We are thrilled to add a factoring vertical within

For further details see:

Tectonic Financial acquires Integra Funding Solutions in cash-stock deal