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ANNOUNCEMENT - Tuesday, October 24, 2017

SNAP Premium Finance and Concentra Bank close on-going securitization facility


Vancouver, BC – SNAP Premium Finance, a division of SNAP Financial Group, Inc. announced that they have secured an on-going funding relationship with Concentra Bank ("Concentra") to support and accelerate growth.

SNAP has demonstrated an ability to innovate and bring added value to carriers, brokers and insurance customers alike. Their mission of simplifying the entire payment process has been well received by the insurance industry.

 "SNAP has a long track record of proven performance that our funding partners can rely on and innovation that helps support our business partner's growth objectives.  Partnering with Concentra allows us to continue to aggressively grow our premium finance business", said Matt Melius, Chief Executive Officer, SNAP Financial. "We look forward to expanding our relationship with Concentra as they share our enthusiasm for the opportunities in front of us across each of the markets we serve."

"We're pleased to work with SNAP as a funding partner," says Ryan Graham, Executive Vice President, Wholesale Banking, Concentra. "We see this as part of our ongoing focus to further diversify our asset base and strengthen our wholesale business."

Graham adds, "Our long-term strategy includes offering credit unions a broader range of investment products to expand their portfolios and deliver results for their business."  

John Maragliano, Chief Financial Officer, Snap Financial Group added:  "With significant year over year expansion of our origination partner network along with increased volume from existing partners, the additional capital will serve to support SNAP's growing book of premium finance business.

 

About SNAP Financial Group

SNAP has helped thousands of businesses across Canada and the United States grow by providing them with turnkey and custom financing programs to offer their customers. Our payment programs and market leading loan origination systems allow companies to be more competitive, increase revenues and reduce operating costs by seamlessly integrating payment solutions into their businesses.

 

About Concentra
Concentra is the wholesale bank and trust company for Canada's credit unions. We bring national connections to local credit unions, helping to serve over 5 million members across Canada. Concentra specializes in lending and investment solutions for credit unions to improve performance, manage risk, and grow member relationships.