Presidential Financial Corporation announced it will be acquired by MidFirst Bank. The acquisition is subject to final regulatory approval and it is anticipated that the transaction will close in early 2013. Presidential will operate as a subsidiary of MidFirst Bank and maintain its own brand and management team.
“What makes this acquisition something special is that it combines the best of asset-based lending with the best of traditional banking,” said Tom Matthesen, CEO of Presidential. “Presidential now has access to a more significant capital base, more diverse product offerings, combined with a strong commitment to the growth capital needs of the entrepreneur. The benefits for our clients and for future prospects will be tremendous. As a result of this transaction, Presidential becomes one of the strongest and most versatile lenders in the markets that we serve. This transaction will allow Presidential to offer additional financing products to our clients, as well as the ability to fully service their financing and banking needs over their entire life cycle.”
“Our acquisition of Presidential aligns us with an experienced management team that has a 30-year track record of providing specialized financing solutions to their clients,” said Jeff Records, chairman and chief executive officer for MidFirst Bank. “Our business lines are highly complementary and the combination will immediately create opportunities and value for MidFirst Bank.”
As a wholly-owned subsidiary of MidFirst Bank, Presidential Financial will retain its name, its current personnel, and will maintain its headquarters and operations in Atlanta.
Milestone Advisors, LLC (now part of Houlihan Lokey) served as exclusive financial advisor to Presidential in connection with the transaction.
Presidential Financial Corporation is a senior lender providing growth capital to businesses and healthcare providers throughout the United States. The company focuses on growing businesses with strong management teams and offers working capital facilities from $1 million to $5 million. Headquartered in Atlanta and founded in 1981, the company serves clients nationwide.