National Bank of Commerce, based in Birmingham, Ala., has purchased a majority stake in CBI Holding Company LLC, the parent company of Corporate Billing, a collections and accounts receivable management firm. Terms of the deal were not disclosed.
Corporate Billing, started in 1995 as an arm of First American Bank, will continue to operate under its current management team, led by CEO James R. Thompson III since 2009, the Birmingham (Ala.) Business Journal reported.
First American Bank was acquired in 1997 by Alabama National BanCorporation. When Alabama National was sold in 2008 to RBC Bank, Thompson and Britt Sexton, a former Alabama National board member, purchased Corporate Billing from RBC.
Corporate Billing, based in Decatur, Ala., provides collections, accounts receivable management services, factoring and invoicing to companies nationwide in the automotive, trucking and manufacturing industries.
National Bank of Commerce Chairman John H. Holcomb III said Corporate Billing's business line and technology platform, as well as the experience of Thompson and Sexton in the factoring business, helped spur the purchase.
We always liked the business line offered by Corporate Billing, said NBC Chairman John H. Holcomb III. We have confidence in Skip and Britt, and we have stayed close to them hoping that the opportunity would arise whereby we could all work together again. Their growth trajectory, experience in the factoring business, nationwide reach, ethical leadership and outstanding technology platform, combined with our capital base and knowledge of the industry, make for a wonderful partnership.
Access to an enhanced funding source and capital base provided by National Bank of Commerce will allow Corporate Billing to grow, Thompson added.
National Bank of Commerce, which in June announced plans to acquire United Group Banking Co. of Florida Inc., provides commercial, personal and mortgage banking services in several Alabama counties and in Vero Beach, Fla.