NASHVILLE, Tenn., Sept. 26, 2011 /PRNewswire/ -- Crestmark Transportation Services, a division of Crestmark Bank, announces the execution of strategic arrangements with Comdata including the transfer of its receivable financing portfolio. Comdata is a leading provider of corporate payment solutions, headquartered in Brentwood, Tennessee.
"We've been looking for a partner to work with on the expansion of our services, and our long-standing relationship with Comdata made this an excellent fit. The acquisition of this portfolio will allow Crestmark to move into a new tier of transportation finance companies," stated Bryan Alsobrooks, Crestmark Transportation Services Group President. "We're glad to be able to provide more businesses the working capital that they need."
"We know that Crestmark's receivable financing services will be a good fit for our transportation clients; we're very familiar with the Crestmark Transportation Services team and believe this is a win for Crestmark, Comdata, and our mutual customers within the transportation industry," said Steve Stevenson, Comdata President.
Crestmark is a nationally recognized provider of working capital solutions for small- to medium-sized businesses. With this acquisition, they expect in excess of $2 billion in factoring volume for 2011. The Comdata acquisition marks the tenth financial services company acquisition by Crestmark in the last ten years as they expand their capabilities to provide working capital solutions to help businesses around the country.
Financing solutions include asset-based lending, accounts receivable financing, discount factoring, and traditional factoring to diverse industries such as apparel, furniture, government receivables, home furnishings, manufacturing, staffing, transportation, and more. Headquartered in Troy, Michigan, with regional offices in Florida, Louisiana and Tennessee; and sales offices located in Alabama, California, Florida, Georgia, Illinois, New York, Ohio, Missouri, North Carolina and Texas. www.crestmark.com
Comdata Corporation is a leading business-to-business provider of innovative electronic payment solutions. As an issuer and a processor, the company provides fleet, corporate payment, virtual card, and prepaid solutions to over 30,000 customers. There are more than seven million Comdata Cards, enabling more than $31 billion in transactions annually. Comdata captures and reports detailed transaction data, giving customers unprecedented control over their expenses. Founded in 1969 and headquartered in Brentwood, Tennessee with more than 1,000 employees in the United States and Canada, Comdata is a wholly-owned subsidiary of Ceridian Corporation. www.comdata.com
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