Arra Finance to Acquire Crescent Bank
Arra Finance has agreed to acquire Crescent Bank’s automotive division, quadrupling origination volume and adding about 180 employees, $1 billion in assets and $815 million in existing auto loans.
The move by Arra, an Irving, Texas-based auto finance company, to acquire Crescent, a New Orleans-based, FDIC-insured bank, was backed by Obra Capital, according to a press release.
“With today’s announcement, we have rapidly advanced Arra’s growth trajectory, substantially improving our ability to be the premier financing partner for franchise and select independent dealers,” writes Arra CEO Kenn Wardle. “After only six months in market, we are on track to outpace our growth targets by a number of years, and we have developed the platform capabilities necessary to deliver responses to credit applications in a matter of seconds.”
