BB&T in Winston-Salem, N.C., has sold its domestic factoring portfolio to the New York commercial finance firm Rosenthal & Rosenthal.
Rosenthal said in a press release Wednesday that it gained 90 factoring clients and $2 billion in volume, from the $222 billion-asset BB&T. Rosenthal did not disclose the price it paid.
The deal included 25 former BB&T employees, a front office in Georgia and back-office support in North Carolina.
"This acquisition is a logical step forward for our firm, significantly advancing our goal of establishing Rosenthal as the leading independent national finance company," Peter Rosenthal, the New York firm’s president, said in the release.
"We are pleased to be a part of this transaction," Robert Fentress, who oversees BB&T Specialized Finance, said in the release. "Both our clients and associates will benefit from an association with one of the most respected firms in the factoring and asset based lending business."