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.


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.


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
The IoT Will Grow: In what might be the most obvious prediction of the decade, the IoT will continue to expand next year, with more and more devices coming online every single day. What isn’t so obvious about this prediction: where that growth will occur. The retail, healthcare, and industrial/supply chain industries will likely see the greatest growth. Forrester Research has predicted the IoT will become “the backbone” of customer value as it continues to grow. It is no surprise that retail is ...
Digital Transformation: Preparing Cloud & IoT Security for the Age of Artificial Intelligence. As automation and artificial intelligence (AI) power solution development and delivery, many businesses need to build backend cloud capabilities. Well-poised organizations, marketing smart devices with AI and BlockChain capabilities prepare to refine compliance and regulatory capabilities in 2018. Volumes of health, financial, technical and privacy data, along with tightening compliance requirements by...
Business professionals no longer wonder if they'll migrate to the cloud; it's now a matter of when. The cloud environment has proved to be a major force in transitioning to an agile business model that enables quick decisions and fast implementation that solidify customer relationships. And when the cloud is combined with the power of cognitive computing, it drives innovation and transformation that achieves astounding competitive advantage.
Evan Kirstel is an internationally recognized thought leader and social media influencer in IoT (#1 in 2017), Cloud, Data Security (2016), Health Tech (#9 in 2017), Digital Health (#6 in 2016), B2B Marketing (#5 in 2015), AI, Smart Home, Digital (2017), IIoT (#1 in 2017) and Telecom/Wireless/5G. His connections are a "Who's Who" in these technologies, He is in the top 10 most mentioned/re-tweeted by CMOs and CIOs (2016) and have been recently named 5th most influential B2B marketeer in the US. H...
How is DevOps going within your organization? If you need some help measuring just how well it is going, we have prepared a list of some key DevOps metrics to track. These metrics can help you understand how your team is doing over time. The word DevOps means different things to different people. Some say it a culture and every vendor in the industry claims that their tools help with DevOps. Depending on how you define DevOps, some of these metrics may matter more or less to you and your team.
DevOpsSummit New York 2018, colocated with CloudEXPO | DXWorldEXPO New York 2018 will be held November 11-13, 2018, in New York City. Digital Transformation (DX) is a major focus with the introduction of DXWorldEXPO within the program. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive over the long term. A total of 88% of Fortune 500 companies from a generation ago are now out of bus...
DXWordEXPO New York 2018, colocated with CloudEXPO New York 2018 will be held November 11-13, 2018, in New York City and will bring together Cloud Computing, FinTech and Blockchain, Digital Transformation, Big Data, Internet of Things, DevOps, AI, Machine Learning and WebRTC to one location.
Dion Hinchcliffe is an internationally recognized digital expert, bestselling book author, frequent keynote speaker, analyst, futurist, and transformation expert based in Washington, DC. He is currently Chief Strategy Officer at the industry-leading digital strategy and online community solutions firm, 7Summits.
@DevOpsSummit New York 2018, colocated with CloudEXPO | DXWorldEXPO New York 2018 will be held November 11-13, 2018, in New York City. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises - and delivering real results.
DXWorldEXPO LLC announced today that Dez Blanchfield joined the faculty of CloudEXPO's "10-Year Anniversary Event" which will take place on November 11-13, 2018 in New York City. Dez is a strategic leader in business and digital transformation with 25 years of experience in the IT and telecommunications industries developing strategies and implementing business initiatives. He has a breadth of expertise spanning technologies such as cloud computing, big data and analytics, cognitive computing, m...
Widespread fragmentation is stalling the growth of the IIoT and making it difficult for partners to work together. The number of software platforms, apps, hardware and connectivity standards is creating paralysis among businesses that are afraid of being locked into a solution. EdgeX Foundry is unifying the community around a common IoT edge framework and an ecosystem of interoperable components.
DXWorldEXPO LLC announced today that Kevin Jackson joined the faculty of CloudEXPO's "10-Year Anniversary Event" which will take place on November 11-13, 2018 in New York City. Kevin L. Jackson is a globally recognized cloud computing expert and Founder/Author of the award winning "Cloud Musings" blog. Mr. Jackson has also been recognized as a "Top 100 Cybersecurity Influencer and Brand" by Onalytica (2015), a Huffington Post "Top 100 Cloud Computing Experts on Twitter" (2013) and a "Top 50 C...
Cloud-enabled transformation has evolved from cost saving measure to business innovation strategy -- one that combines the cloud with cognitive capabilities to drive market disruption. Learn how you can achieve the insight and agility you need to gain a competitive advantage. Industry-acclaimed CTO and cloud expert, Shankar Kalyana presents. Only the most exceptional IBMers are appointed with the rare distinction of IBM Fellow, the highest technical honor in the company. Shankar has also receive...
Enterprises have taken advantage of IoT to achieve important revenue and cost advantages. What is less apparent is how incumbent enterprises operating at scale have, following success with IoT, built analytic, operations management and software development capabilities - ranging from autonomous vehicles to manageable robotics installations. They have embraced these capabilities as if they were Silicon Valley startups.
DXWorldEXPO LLC announced today that ICOHOLDER named "Media Sponsor" of Miami Blockchain Event by FinTechEXPO. ICOHOLDER give you detailed information and help the community to invest in the trusty projects. Miami Blockchain Event by FinTechEXPO has opened its Call for Papers. The two-day event will present 20 top Blockchain experts. All speaking inquiries which covers the following information can be submitted by email to [email protected] Miami Blockchain Event by FinTechEXPO also offers s...