Ameris Bank adds to lending portfolio with Balboa Capital acquisition
Atlanta-based Ameris Bank has acquired SME-focused lending fintech Balboa Capital in an all-cash transaction.
Balboa will remain headquartered in California
The bank says the deal will boost its business lending offering and increase its presence in the point-of-sale (POS) financing market.
The addition of Balboa Capital also diversifies Ameris Bank’s portfolio of nationwide lending platforms, which includes its premium finance, mortgage banking and warehouse lending businesses.
Ameris Bancorp CEO H. Palmer Proctor Jr says the acquisition will allow the bank to provide a new lending option to its business customers.
“Balboa Capital has helped tens of thousands of businesses access growth capital with instant credit decisions and same day funding,” Proctor adds.
Balboa Capital, which was founded in 1988, will remain headquartered in Costa Mesa, California.
Ameris Bank chief strategy officer James LaHaise says the firm’s “highly flexible technology” will enable the bank to provide business owners with a variety of financing needs.
Balboa Capital CEO Patrick Byrne says that Ameris Bank’s resources will enable the fintech to expand its capabilities and offer new financial solutions to customers.
Ameris Bank currently has 165 branches in Georgia, Alabama, Florida, North Carolina and South Carolina.
