DALLAS - Associates Corporation of North America said one of its subsidiaries has acquired a $33 million portfolio of SBA loan assets from Tracy Federal Bank of Tracy, Calif., for an undisclosed sum.
The assets include 350 accounts in unguaranteed SBA loans and all associated loan servicing.
In addition to the purchase, Associates hired nine of Tracy Federal Bank's loan origination and operations employees.
Last year, Associates established a small-business finance unit in its Associates Commercial Corp. subsidiary under the direction of vice president Robert J. "Fritz" Rhinesmith.
Associates has $33.6 billion of assets and is the consumer and commercial financing unit of Ford Motor Co.