Welcome!

News Feed Item

Coast Capital Group of Companies and Travelers Financial Corporation to combine equipment finance businesses

VANCOUVER, April 16, 2014 /CNW/ - Coast Capital Equipment Finance Ltd. (CCEF), a subsidiary of Coast Capital Savings, and Travelers Financial Corporation (TFC) announced today that the assets of the prime equipment and vehicle finance business of TFC will become part of the Coast Capital Group of Companies.

The deal is expected to close early next month. Following the close, the consolidated equipment finance business of the Coast Capital Group of Companies will be carried out under CCEF and two new entities, Travelers Finance Ltd. and Travelers Leasing Ltd.

The combined organizations' position in the Canadian equipment financing sector will be strengthened as a result of this agreement. The transaction will allow the two organizations to align their combined expertise and core strengths, while capitalizing on shared efficiencies and reaping the benefits of increased opportunities, including a broader customer base across the country and positioning for future growth.

TFC is one of the largest independent finance and leasing companies in Canada, offering a wide range of assets-based financing solutions to commercial and industrial sectors. Headquartered in Burnaby B.C., they also have offices in Alberta, Saskatchewan, Manitoba and Ontario.

While the ownership structure is changing, it's business as usual. Customers can expect the same level of personal attention from the staff they have come to know. In the future, customers will benefit from the new arrangement, including a more efficient credit and funding process and more competitively priced products.

"At Travelers we're proud of all our employees and leadership team have accomplished. Finding an organization that shares mutual goals for growth and improved service means that we can continue to watch our team grow and succeed while ensuring that we're doing the best we can for our customers in a competitive marketplace," says Jim Case, CEO, Travelers Financial Corporation "This opportunity holds so much potential and really puts us on the map as an industry leader."

"We're excited about the possibilities that bringing Travelers' business into the Coast Capital Group of Companies offers," says Tracy Redies, Coast Capital Savings' President and CEO. "With our combined industry expertise and superior offerings, this deal brings our customers several new financing options that will ultimately help our business customers access the tools they need to succeed and continue to grow."

Under the terms of the agreement, Travelers' shareholders will have a minority equity interest in the combined operations. TD Securities Inc. acted as financial advisor to Coast Capital Savings in connection with the transaction.

ABOUT COAST CAPITAL EQUIPMENT FINANCE LTD. ("CCEF")

CCEF is a subsidiary of Coast Capital Savings. Coast Capital Savings is Canada's second largest credit union, owned by its 512,000 members. It has 50 branches in the Metro Vancouver, Fraser Valley and Vancouver Island regions of British Columbia.

Coast Capital Savings, directly and through CCEF offers commercial and industrial equipment leasing and financing to companies located from British Columbia to Ontario.

The activities of CCEF are focused on securing financing opportunities primarily in the transportation, manufacturing, and construction markets, as these financings are secured with strong resale values to mitigate risk.

ABOUT TRAVELERS FINANCIAL CORPORATION ("TFC")

TFC was founded in 1986, and has since maintained a focus on the mid-market equipment leasing business. TFC offers a wide range of asset-based financing solutions to commercial and industrial sectors including transportation, construction, manufacturing, and other capital intensive industries, as well as corporate aircraft and automobile leasing.

In addition to the business operated by TFC, the operations of the Travelers Group were diversified in 1993 with the acquisition of a consumer acceptance company, Travelers Acceptance Corporation, which in 2010 was acquired by Servus Credit Union. Further diversification was achieved in 1995 with the national expansion of Travelers Leasing Corporation, an automobile leasing company that in 2007 was acquired by Scotiabank and renamed Scotia Dealer Advantage. Travelers expanded again in late 1999 with the acquisition of an Alberta-based equipment leasing company, which was later merged into Travelers Financial Corporation.

SOURCE Travelers

Image with caption: "Travelers (CNW Group/Travelers)". Image available at: http://photos.newswire.ca/images/download/20140416_C4146_PHOTO_EN_39385.jpg

Image with caption: "Coast Capital Savings (CNW Group/Travelers)". Image available at: http://photos.newswire.ca/images/download/20140416_C4146_PHOTO_EN_39384.jpg

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
"This week we're really focusing on scalability, asset preservation and how do you back up to the cloud and in the cloud with object storage, which is really a new way of attacking dealing with your file, your blocked data, where you put it and how you access it," stated Jeff Greenwald, Senior Director of Market Development at HGST, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busin...
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor – all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
"We formed Formation several years ago to really address the need for bring complete modernization and software-defined storage to the more classic private cloud marketplace," stated Mark Lewis, Chairman and CEO of Formation Data Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
There will be new vendors providing applications, middleware, and connected devices to support the thriving IoT ecosystem. This essentially means that electronic device manufacturers will also be in the software business. Many will be new to building embedded software or robust software. This creates an increased importance on software quality, particularly within the Industrial Internet of Things where business-critical applications are becoming dependent on products controlled by software. Qua...
SYS-CON Events has announced today that Roger Strukhoff has been named conference chair of Cloud Expo and @ThingsExpo 2016 Silicon Valley. The 19th Cloud Expo and 6th @ThingsExpo will take place on November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. "The Internet of Things brings trillions of dollars of opportunity to developers and enterprise IT, no matter how you measure it," stated Roger Strukhoff. "More importantly, it leverages the power of devices and the Interne...
"There's a growing demand from users for things to be faster. When you think about all the transactions or interactions users will have with your product and everything that is between those transactions and interactions - what drives us at Catchpoint Systems is the idea to measure that and to analyze it," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York Ci...
Predictive analytics tools monitor, report, and troubleshoot in order to make proactive decisions about the health, performance, and utilization of storage. Most enterprises combine cloud and on-premise storage, resulting in blended environments of physical, virtual, cloud, and other platforms, which justifies more sophisticated storage analytics. In his session at 18th Cloud Expo, Peter McCallum, Vice President of Datacenter Solutions at FalconStor, discussed using predictive analytics to mon...
Redis is not only the fastest database, but it is the most popular among the new wave of databases running in containers. Redis speeds up just about every data interaction between your users or operational systems. In his session at 19th Cloud Expo, Dave Nielsen, Developer Advocate, Redis Labs, will share the functions and data structures used to solve everyday use cases that are driving Redis' popularity.
Most organizations prioritize data security only after their data has already been compromised. Proactive prevention is important, but how can you accomplish that on a small budget? Learn how the cloud, combined with a defense and in-depth approach, creates efficiencies by transferring and assigning risk. Security requires a multi-defense approach, and an in-house team may only be able to cherry pick from the essential components. In his session at 19th Cloud Expo, Vlad Friedman, CEO/Founder o...
"We host and fully manage cloud data services, whether we store, the data, move the data, or run analytics on the data," stated Kamal Shannak, Senior Development Manager, Cloud Data Services, IBM, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
With the proliferation of both SQL and NoSQL databases, organizations can now target specific fit-for-purpose database tools for their different application needs regarding scalability, ease of use, ACID support, etc. Platform as a Service offerings make this even easier now, enabling developers to roll out their own database infrastructure in minutes with minimal management overhead. However, this same amount of flexibility also comes with the challenges of picking the right tool, on the right ...
As organizations shift towards IT-as-a-service models, the need for managing and protecting data residing across physical, virtual, and now cloud environments grows with it. Commvault can ensure protection, access and E-Discovery of your data – whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise. In his general session at 18th Cloud Expo, Randy De Meno, Chief Technologist - Windows Products and Microsoft Part...
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develo...
SYS-CON Events announced today that MangoApps will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device.