DEAL SIZE
$60,000,000
Total Funding Corp.
a subsidiary of Totalbank
COMPANY
TotalBank is a leading integrated retail-commercial bank in South Florida with more than $2.5 billion in assets and 19 convenient locations throughout Miami-Dade County. Headquartered in Miami, we have been serving South Florida for 38 years, offering a broad range of domestic and international financial services to corporations, small businesses and individual consumers. Offering superior customer service and focusing on meeting the financial needs of our customers while earning their confidence and loyalty is our priority. A member of Grupo Banco Popular Español, with more than $230 billion in assets and 2,700 branches, TotalBank is strengthened by its parent, one of the largest banking groups in Spain.
OVERVIEW
- ACM professionals assisted TotalBank in successfully restructuring Total Funding Corp., a premium finance subsidiary
- Poor visibility of underlying collateral (insurance carriers) of financed premiums
ACM VALUE ADD
- Acquired premium finance company that was mismanaged and underperforming
- Carefully replaced non-admitted, non-rated insurance carriers with AM Best A-rated carriers
- Leveraged bank’s cost of capital to finance larger premiums
- Reduced charge offs to less than 1% of the portfolio
- ROIC increased by 65%
- Yield on portfolio averaged 550bp above cost of funds
