In November 2009, Webster Financial Corporation (NYSE: WBS) of Waterbury, Connecticut completed the sale of its insurance premium finance subsidiary, Budget Installment Corporation, to Texas Capital Bancshares, Inc. (NASDAQ: TCBI) of Dallas, Texas. Terms of the transaction were not disclosed. Texas Capital Bancshares owns BankDirect Capital Finance, a leading insurance premium finance company in the U.S.
Colonnade Securities LLC served as exclusive financial advisor to Webster Financial and Budget on the transaction.
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