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Accord Financial Corp. and Concentra Bank Announce Strategic Alliance and Private Placement of Convertible Unsecured Subordinated Debentures
Accord Financial Corp. and Concentra Bank Announce Strategic Alliance and Private Placemen...
About this update from Accord Financial Corp.
[{"type":"text","content":"\n\n\n\nAccord Financial Corp. and Concentra Bank Announce Strategic Alliance and Private Placement of Convertible Unsecured Subordinated Debentures\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO and REGINA, Sept. 16, 2019\n\n\n\nTORONTO and REGINA, Sept. 16, 2019 /CNW/ - Accord Financial Corp. (TSX – ACD) (\"Accord\") and Concentra Bank (\"Concentra\") are pleased to announce the formation of a strategic alliance and a $5 million private placement of convertible unsecured subordinated debentures. The strategic alliance, expected to be formalized by September 30, will allow both parties to deliver a broader range of banking and financing solutions to their clients, clearly enhancing the value they deliver in their respective markets. Accord and Concentra will also consider developing new products together as opportunities arise.\nHighlights\nWith more than $35 billion of total assets under administration, Concentra is the leading provider of wholesale banking and trust solutions to credit unions across Canada Accord is one of North America's leading independent commercial finance companies, serving a broad base of the country's most dynamic industries since 1978 The alliance will capitalize on significant cross-referral opportunities, giving each organization access to new markets and enhancing their value proposition within existing markets Concentra's investment in Accord will boost its capital base, paving the way for continued growthAccord's asset-based lending, factoring and equipment finance solutions have been embraced by small and medium-sized businesses throughout Canada and the United States. Through this strategic alliance, Concentra will offer Accord's suite of innovative solutions through its network of 200+ credit unions, serving 5.5 million customers, of which approximately 10% are commercial clients. \"This alliance is an outstanding opportunity for us to reach a broad cross-section of the Canadian economy, especially in areas and industries under-served by the traditional banks,\" said Simon Hitzig, Accord's President &...