Gulf Coast Bank & Trust Company Acquires Phoenix Capital Group
Bank's services expand to transportation industry
NEW ORLEANS, May 8, 2018 /PRNewswire/ -- Gulf Coast Bank & Trust Company, New Orleans' largest locally owned bank, announces that it has acquired Phoenix Capital Group, LLC. Located in Scottsdale, Arizona, Phoenix Capital is a leading provider of working capital solutions in the transportation industry. The announcement was made by Guy T. Williams, president and CEO of Gulf Coast Bank. The acquisition is effective immediately.
Phoenix Capital Group has been providing cash flow services, equipment financing and fuel cards to trucking companies nationwide since 2001. Having seen significant growth over the last five years, Phoenix Capital sought a partner that would allow the company to expand its reach and services to additional transportation companies, as well as to enhance career opportunities in the industry sector.
Gulf Coast Bank and Phoenix Capital have a long-standing relationship between management teams, which makes this acquisition a natural fit. Gulf Coast Bank is able to provide financing to Phoenix Capital, giving the company a distinct advantage over its competitors. As a division of a bank, Phoenix Capital will benefit from being a direct lender, ultimately offering a wider variety of customer solutions and more funding capacity. The expanded depth of commercial financial product offerings will greatly expand Phoenix Capital's opportunities to service customers.
According to Williams, "Gulf Coast Bank understands the business and brings a wealth of experience in business-to-business working capital financing, and Phoenix Capital's staff brings more than 125 years of transportation experience. As part of the Gulf Coast Bank family, Phoenix Capital will be able to offer a wider array of services, more competitive fee structures, and attract more candidates for jobs."
He adds, "With the growth of home deliveries and more trucking services needed, this acquisition is an excellent opportunity for the combined companies' continued growth."
Bryan Alsobrooks, president of Phoenix Capital, adds, "Gulf Coast Bank exceeded our hopes for a firm we could partner with and continue our tradition of excellent service, expertise, and environment for our clients and staff."
Gulf Coast Bank welcomed all 37 employees from Phoenix Capital, bringing the total number of bank employees to 623. With record earnings, Gulf Coast Bank continues to expand; the Phoenix Capital acquisition furthers the bank's commitment to growth.
Gulf Coast Bank had a record 2018 first quarter. The company grew to $1,602,430,000 in total assets, a 2.46% increase over the same period for last year. Loans grew by 3.69% and totaled $1,276,176,000. Pretax earnings for the first quarter 2018 totaled $7,136 compared to $6,972 for the same time period in 2017, a 2.35% increase.
| BALANCE SHEET HIGHLIGHTS |
March 2017 |
March 2018 |
| Shareholders' Equity (thousands) |
$132,002 |
$140,020 |
| Book Value per share |
$470 |
$499 |
| Net Loans (thousands) |
$1,230,724 |
$1,276,176 |
| Total Assets (thousands) |
$1,564,003 |
$1,602,430 |
| INCOME STATEMENT HIGHLIGHTS |
2017 YTD (thousands) |
2018 YTD (thousands) |
| Interest & Fee Income |
$26,513 |
$30,698 |
| Net Interest Income |
$23,216 |
$27,107 |
| Non-interest Income |
$8,295 |
$9,419 |
| Net Income, pre-tax |
$6,972 |
$7,136 |
SOURCE Gulf Coast Bank & Trust Company
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