NetBank, Inc., parent company of the country’s first commercially successful Internet bank, today (July 2) announced finalization of the acquisition of the principal operating assets of Beacon Credit Services, LLC.
Beacon is a leading provider of RV, boat and aircraft financing.
NetBank has established a specialty lending division with the newly acquired assets. Beacon’s senior management team , including Austin Sedicum Jr., Alan Swimmer and John Redmond, have joined NetBank and will oversee the division.
The deal provides the Beacon team with greater economic and operational efficiencies and NetBank, Inc. with additional asset generation capabilities. Beacon earned pre-tax income of $2.7 million in 2003 from $393 million in loan production. Last year’s production was at a record high, in part because of the prevailing low interest-rate environment.