Innovative Shareholder Strategies Advises Lending Solutions, Inc. on Sale of Minority Interest to ESOP
NEW YORK, Feb. 11, 2013 /PRNewswire-iReach/ -- Innovative Shareholder Strategies, LLC ("ISS") is pleased to announce the closing of its first transaction as of December 20, 2012. ISS advised Lending Solutions, Inc., a premier contact center in the financial services industry, in the recent sale of a minority interest of the company's equity to an Employee Stock Ownership Plan ("ESOP").
Founded in 1994, Lending Solutions, Inc. ("LSI") is an industry leader in developing innovative consumer-lending services and customer service programs for financial institutions across the United States. LSI's two Chicago-area facilities (Elgin and Naperville) are home to over 400 loan officers and customer service representatives who provide around-the-clock loan processing, counseling, and underwriting services to approximately 300 credit unions, banks, and other financial services companies.
"We are tremendously proud of what we have achieved over the past several years at Lending Solutions. Our employees have always taken great pride and ownership in their work, and now, with the ESOP, eligible employees will have the opportunity to earn a tangible stake in the company to validate that ownership," said Lee Kolquist, LSI's Chief Executive Officer.
Lending Solutions engaged the services of Innovative Shareholder Strategies throughout the structuring and implementation of the ESOP. "An ESOP is a complicated transaction with a lot of moving parts," Kolquist stated. "Innovative Shareholder Strategies was there every step of the way, guiding us through the process with unparalleled commitment and expertise. The professionals from ISS took the time to understand our objectives and to structure a tailored solution beneficial to LSI, its shareholders, and its employees."
Cally Johnson and Maria Pencheva, the Managing Directors of Innovative Shareholder Strategies, commented, "Implementing an Employee Stock Ownership Plan was the optimal solution for LSI. While the minority shareholders received fair market value for their equity ownership, the ESOP created an additional retirement benefit for the company's employees that will reward longevity. ISS is pleased to have advised such a reputable company within the financial services industry."
"I was very impressed with ISS's prompt, consistent service and their knowledgeable, professional approach to this complex project," said Brian Downey, LSI's Chief Financial Officer. "ISS's exceptional interpretation of our financial data and business model allowed LSI to implement the ESOP before fiscal year-end."
About Innovative Shareholder Strategies, LLC
Innovative Shareholder Strategies, LLC is a financial advisory practice specializing in ESOP consulting services. ISS is headquartered in New York and also has offices in Illinois. The company was founded by Cally Johnson and Maria Pencheva in 2012 and successfully completed its first ESOP transaction within six months of starting operations.
About Lending Solutions, Inc.
Lending Solutions, Inc. has been a provider of lending center services and consulting programs for financial institutions across North America for 18 years. The company's highly-trained, professional staff provides 24-hour lending and member service to over 300 of North America's premier credit unions, banks, and mortgage companies. For further information on Lending Solutions, please visit the company's Web site at www.lendingsolutions.com.
SOURCE Innovative Shareholder Strategies, LLC
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