- Truist Financial ( NYSE: TFC ) unit Truist Insurance Holdings will acquire finance company BankDirect Capital Finance from Texas Capital Bancshares ( NASDAQ: TCBI ).
- The transaction, subject to satisfaction of customary closing conditions, is expected to close in Q4.
- The acquisition is set to add more than $3B in loans to Truist Insurance Holdings' premium finance business.
- BankDirect will operate as a division of Truist Insurance's existing U.S. premium finance operation, AFCO Credit.
- TFC shares were trading +0.56% pre-market.
- Source: Press Release
For further details see:
Truist Financial unit to acquire BankDirect Capital Finance from Texas Capital Bancshares