January 7, 2004 (Gig Harbor, WA) -- Orion First Financial, LLC (Orion) announced that Union Safe Deposit Bank of Stockton, CA (Union Safe) has further expanded its servicing relationship with the addition of approximately 850 lease contracts recently acquired by the Bank from an undisclosed seller in the amount of $13,983,000.
"Acquiring portfolios has been an excellent growth strategy for Union Safe and Orion. Providing due diligence support, portfolio analysis and ongoing lease servicing continues to deliver long-term value to our clients. The bank's expansion with Orion is further validation that our strong analytical skills combined with a commitment to portfolio performance are a successful strategy." said David T. Schaefer, President and Managing Member of Orion First Financial, LLC.
Orion provides consulting and advisory services to Union Safe Deposit Bank by assisting in the location of portfolios for acquisition, portfolio analysis and in negotiation of the purchase. The services provided by Orion allow banks and other lending institutions the ability to invest in small-ticket, high-margin leases without additional overhead or the hiring of specialized management. Orion's services include billing, tax administration, customer service and all phases of collection activity.
Karl Miller, Executive Vice President of Union Safe Deposit Bank, stated, "This marks our fourth major portfolio acquisition with Orion First Financial with an aggregate purchase price of over $50,000,000. Orion has provided us with the expertise and servicing resources needed for the bank to profitably grow its commercial equipment leasing business."
Michelle Parker, Vice President and Team Leader of the Bank's Commercial Leasing Group, noted that "This latest acquisition should prove to be an excellent asset purchase for the bank. We continue to work closely with Orion and look forward to expanding our relationship."
About Orion First Financial, LLC
Orion First Financial provides a complete and comprehensive suite of services to assist lending institutions and lessors successfully compete in the commercial equipment leasing industry. With a concentration in small-ticket leasing, Orion provides consulting and advisory services, lease servicing and complete portfolio management. The company has developed a funding mechanism by creating joint ventures with lease originators and arranging warehouse and permanent financing. Orion First Financial, located in Gig Harbor, WA, employs state-of-the-art technology combined with years of management experience to insure that lease portfolios are managed in a sound and cost-effective manner. For more information about Orion First Financial visit their website at www.orionfirst.com.
About Union Safe Deposit Bank
Union Safe Deposit Bank, headquartered in Stockton, California, was established in 1897 and is one of the oldest independent, community banks in California. The Bank offers a complete line of banking products and services in the areas of personal banking, commercial banking and financial management including investments and personal trust services. The Bank currently has 19 full-service branches and 3 commercial banking centers serving the Central Valley. For more information about Union Safe visit their website at www.unionsafe.com.
