Triumph Bancorp completed its previously announced sale of the operations and assets of Triumph Premium Finance (“TPF”) to Peoples Bank.
Based in Kansas City, Missouri, TPF provides premium finance services for customers to purchase property and casualty insurance products through its growing network of independent insurance agency customers nationwide. As of December 31, 2019, TPF had total receivables of approximately $100 million.
John Binaggio will continue to manage the insurance premium financing operations for Peoples Bank, now rebranded Peoples Premium Finance. Triumph Bancorp, Triumph Insurance Group, and Peoples Bank maintain an ongoing relationship for premium finance services.
Colonnade Securities LLC acted as exclusive financial advisor to TPF and Triumph Bancorp.