DALLAS, July 1, 2021 /PRNewswire/ -- Tectonic Financial,
Inc. (Nasdaq: TECTP), a technology-focused financial holding
company, today announced the closing of the acquisition of Integra
Funding Solutions, LLC ("Integra"), a factoring company providing
financing to transportation companies across the United States, in a cash and common stock
transaction. With sophisticated underwriting and systems, as well
as superior customer service, Integra has grown rapidly while
maintaining credit losses below industry norms. Integra's
technology platform, quick response time and highly regarded client
experience have been key to its growth.
As a part of the transaction, Tracy A.
Bolt, Co-Founder and Manager of Integra, and Randall W. Woods, Co-Founder and President of
Integra, will become significant shareholders of Tectonic
Financial. In addition, Mr. Woods will serve as Chief Executive
Officer of the Integra division within T Bank, N.A., Tectonic
Financial's wholly-owned banking subsidiary, providing continued
leadership to Integra's dedicated team.
The Integra acquisition provides T Bank an additional small
business vertical to which it can offer its range of financial
services to transportation and energy companies. Furthermore, it
will help Tectonic Financial sustain its high return on equity and
return on assets profile, while maintaining its overall attractive
credit metrics. Tectonic Financial believes that the Integra
acquisition will be accretive to earnings in both 2021 and
2022.
"We are thrilled to add a factoring vertical within our company
and the sophistication of Integra fits nicely into our tech-forward
platform," said Patrick Howard,
President and Chief Operating Officer of Tectonic Financial. "More
importantly, we are excited to welcome Tracy Bolt and Randy
Woods as shareholders of Tectonic Financial. I look forward
to working with Randy to grow our combined organization."
Mr. Woods commented, "I am excited about Integra's growth
prospects within the Tectonic organization – and working with Pat
to grow the overall business. It is particularly pleasing to join
an organization that shares the same commitment to customer
service, organizational excellence and advanced technology, all
with the end goal of enhancing operations and the overall customer
experience. That has served us well in the past, and, I believe,
will fuel our continued growth."
About Tectonic Financial
Tectonic Financial is a
technology-focused financial holding company providing small
businesses and individuals with banking, trust, retirement,
insurance, brokerage and wealth management services through its
subsidiaries, T Bank, N.A., Tectonic Advisors, Sanders Morris
Harris and HWG Insurance Agency. Through its high tech, high touch
philosophy, it endeavors to deliver a best-in-class customer
experience and maintain a relatively high return on equity and
return on assets. Tectonic Financial's non-cumulative perpetual
preferred stock is publicly traded on NasdaqGS under the symbol
"TECTP." To learn more, visit tectonicfinancial.com.
About T Bank, N.A.
T Bank, N.A., a subsidiary of
Tectonic Financial, is a nationally chartered, FDIC-insured bank
serving small businesses and individuals across the United States. T Bank was recognized as
one of the Top 200 Banks in the United
States by financial health analysts in Lending Tree's 2020
annual analysis with an A+ rating.1 T Bank is an SBA
Preferred Lender and one of the top SBA loan providers in the
nation. T Bank's innovative approach to serving clients combines
advanced technology with dedicated personal attention. To
learn more, visit t.bank.
About Integra Funding Solutions
Integra Funding
Solutions offers businesses the opportunity to obtain needed
capital that is not available through traditional lending
institutions. Serving customers across multiple states and
industries, with a focus on transportation, the Integra team
provides viable solutions to exceed client needs and expectations
with both short- and long-term objectives in mind. Integra is
committed to delivering a positive customer experience and forging
quality relationships. To learn more, visit
integrafunding.com
Contact
A. Haag
Sherman
Chairman
Tectonic Financial, Inc.
713.250.4221
hsherman@tectonicadvisors.com
No Offer or Solicitation
This press release shall not
constitute an offer to sell, a solicitation of an offer to sell, or
the solicitation or an offer to buy any securities. There will be
no sale of securities in any jurisdiction in which such an offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.
The shares of Tectonic common stock have not been registered under
the Securities Act of 1933, as amended, and may not be offered or
sold in the United States absent
registration or an applicable exemption from registration
requirements.
Cautionary Statement Regarding Forward-Looking
Information
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements reflect the
Company's current views with respect to, among other things, the
acquisition and integration of Integra. Any statements about the
Company's expectations, beliefs, plans, predictions, forecasts,
objectives, assumptions or future events or performance are not
historical facts and may be forward-looking. These statements are
often, but not always, made through the use of words or phrases
such as "anticipate," "believes," "can," "could," "may,"
"predicts," "potential," "should," "will," "estimate," "plans,"
"projects," "continuing," "ongoing," "expects," "intends" and
similar words or phrases. The Company cautions that the
forward-looking statements in this press release are based largely
on the Company's expectations and are subject to a number of known
and unknown risks and uncertainties that are subject to change
based on factors which are, in many instances, beyond the Company's
control. Actual results, performance or achievements could differ
materially from those contemplated, expressed, or implied by the
forward-looking statements. Factors that could cause our actual
results, performance or achievements to differ materially from
those contemplated, expressed, or implied by the forward-looking
statements include, among others: (i) the possibility that any of
the anticipated benefits of the transaction will not be realized or
will not be realized within the expected time period, (ii) the risk
that integration of the operations of Integra will be materially
delayed or will be more costly or difficult than expected, and
(iii) the possibility that the transaction may be more expensive to
complete than anticipated, including as a result of unexpected
factors or events. Any forward-looking statements presented herein
are made only as of the date of this press release, and the Company
does not undertake any obligation to update or revise any
forward-looking statements to reflect changes in assumptions, new
information, the occurrence of unanticipated events, or otherwise,
except as required by law.
1 Lending Tree created the Top 200 Healthiest
Banks analysis in the wake of the 2008 financial crisis and has
continued releasing it annually. To compile the report, it
analyzes data from its subsidiary, DepositAccounts.com, using a
proprietary ratio based on the following: 1) Texas ratio, determined by comparing the total
value of at-risk loans to the total value of funds the bank has
on-hand to cover those loans; 2) deposit growth, based on when
people put money in the bank; and 3) capitalization, determined by
a direct calculation of an institution's assets minus its
liabilities. A complete copy of the analysis and rankings can
be accessed at: www.depositaccounts.com/banks/health.aspx.
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SOURCE Tectonic Financial, Inc.