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NetBank Inc., parent of Internet bank NetBank (www.netbank.com), recently reached a definitive agreement to acquire principal operating assets of Beacon Credit Services LLC, a privately held provider of RV, boat and aircraft financing.
The transaction is expected to close within the next several weeks and immediately add to NetBank’s earnings.
“This deal will allow us to further diversify our business by replicating our success with other consumer loan products,” said Douglas K. Freeman, chairman and CEO of NetBank Inc. “It also provides us with natural cross-sell synergies with our banking, insurance and merchant processing businesses. We’ve already been offering RV and boat loans through Beacon to our banking customers since the end of last year.”
“We’re excited to join the NetBank Inc. family of businesses,” said Austin Sedicum, a principal of Beacon. “By leveraging NetBank’s brand awareness as well as financial and intellectual capital, we have the opportunity to grow our business more quickly and to offer ancillary financial services to our customers. This deal is a win-win for our customers and employees, as well as our investors.”
Beacon, which has been profitable in each year of its six-year operation, generated nearly $400 million in loan production in 2003. Following the successful completion of the acquisition, Sedicum and the rest of the management team will continue to oversee Beacon’s operations. The company will maintain its offices in Old Lyme, Conn.