WOODBURY, Conn., May 4, 2021 / PRNewswire / – Premier Financial Services (PFS) – the nation’s leading finance company providing specialist leasing services for Ferraris, Porsches, McLarens, Lamborghinis and other exotic, vintage and luxury automobiles – today announced that the company was acquired by 1st Financial bank United States (1FBUSA). Terms of the transaction between the two private companies were not disclosed.
Announcing the transition of ownership, founder and CEO of PFS, Mitch katz, said, âOver the past 24 years, my goal has been to build a company recognized in the industry for its integrity, world-class customer service, and its ability to help serious enthusiasts drive their cars. dreams. With retirement in mind, I have spent the last year looking for an established institution that shares my passion for the business and also has the financial resources that will allow Premier to achieve an even higher level of success. , in terms of market penetration. I couldn’t be happier that I selected 1st Financial bank United States as the new owner of the premier. “
Founded in 1910, 1FBUSA provides credit cards, construction finance, rental investment real estate loans and SBA loans nationwide, as well as a full range of banking services in its local communities. The Senior Vice President of the bank, James hegyi, said: “We are extremely impressed with the company Mitch katz has built, along with the talent and dedication of the PFS team. We are delighted to welcome them all to 1FBUSA. Our financial resources and capabilities as a bank, along with Premier’s in-depth automotive knowledge and relationships in the exotic and vintage car market, will be a winning combination that will benefit dealers and enthusiasts alike. of cars. We look forward to further developing Premier’s leadership in its market. “
Mr. Hegyi noted that 1FBUSA is committed to ensuring a smooth ownership transition. “Mitch katz will remain with Premier in a managerial position for an extended period of time, and there will be no disruption to the world-class level of service that Premier personnel have provided to customers and dealers over the past 24 years. “
Specialty leasing continued to gain popularity as an auto finance strategy, Katz said. PFS’s operating lease – which is different from pre-packaged, open-ended leases – gives car owners more flexibility, including favorable options for terminating the lease. This feature is especially important for owners of exotic and vintage cars, who often get in and out of cars frequently. Mr. Katz noted that, on average, Premier customers terminate and enter into new leases between 18 and 24 months.
SOLIC Capital Advisors acted as financial advisor to Premier Financial Services in connection with this transaction.
About Premier Financial Service, LLC
Since 1997, Premier Financial Services has been a recognized leader in the specialty leasing of new and vintage cars, exotic, vintage and luxury cars. Premier is exclusively dedicated to innovative and personalized lease agreements for clients seeking the flexibility of financing, capital preservation and the tax advantages of leasing. Premier’s success is built on delivering the highest level of customer service in the industry. Visit www.premierfinancialservices.com
About 1st Financial bank United States
Founded in 1910, 1st Financial bank United States provides credit cards, construction financing, rental investment real estate loans and SBA loans nationwide, as well as a full range of banking services in its local communities. The head office of 1FBUSA is located at Dakota Dunes, South Dakota. Learn more about www.1fbusa.com
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SOURCE Premier Financial Services, LLC