DALLAS – Sept. 1, 2016 – Triumph Insurance Group today announced the completion of its acquisition of the assets of Dallas-based Southern Transportation Insurance Agency, Ltd. Triumph Insurance Group is a subsidiary of TBK Bank, SSB.
Aaron Graft, vice chairman and CEO of TBK Bank, explained, “Triumph is a leading financial services provider to small businesses in the transportation sector. This acquisition further solidifies that position.”
Triumph Insurance Group’s footprint and product offering for clients in the transportation industry is now expanded with this acquisition. “We feel that the acquisition of Southern Transportation Insurance Agency enhances our platform by enabling us to expand our insurance business from both an immediate and long-term outlook,” Wess Peterson, senior vice president of Triumph Insurance Group, said. “We are excited to have their team join ours and will count on their expertise as we continue to grow our business and add value to our clients.”
The producers and staff of Southern Transportation Insurance Agency are now employees of Triumph Insurance Group and work out of the Triumph office.
“We are excited to have joined a company like Triumph Insurance Group,” Stephen Trent, president of Southern Transportation Insurance Agency, added. “It gives us immediate access to resources that we previously haven’t had, and the combined team will expand the reach of the overall organization.”
Mr. Trent will continue in his role as key thought leader, client advocate, and team builder within Triumph Insurance Group.
This acquisition is not expected to have a material impact on the financial results of Triumph Bancorp, Inc. for the 2016 fiscal year.