Cecil Y. Ray Jr., chairman of AFS/IBEX and former chairman of The Rigg Group, has announced the sale of substantially all of the loan portfolio and related assets of Dallas-based AFS/IBEX Financial Services Inc. – including AFS/IBEX Financial Services Inc. of California and American Financial Services Funding Corp (collectively AFS) — to MetaBank, the bank subsidiary of Meta Financial Group Inc.
Founded in 1986 by The Rigg Group, AFS is an insurance premium finance company. AFS originates loans through a network of over 1300 independent insurance agencies to provide short-term, collateralized financing that facilitates the purchase of insurance for commercial property, casualty and liability risk. Primary offices are in Dallas, Texas, and Newport Beach, Calif.
AFS will maintain its current office locations and workforce of over 50 employees. The proposed transaction is subject to customary closing conditions. The acquisition has been approved by the boards of directors of each company and is expected to close by the end of the calendar year.
AFS President John Holsan and CFO Jay Scheideman founded AFS in 1986 with Ray. Holsan will serve as president of MetaBank’s new insurance premium finance division that will continue to be known as AFS.
Founded in 1954, MetaBank is a federally chartered savings bank that is a division of Meta Financial Group Inc. (MFG). It is headquartered in Sioux Falls, S.D.
Source: AFS/IBEX Financial Services Inc.
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