Oxford Commercial Finance Corp., a wholly owned subsidiary of Oxford Bank, is pleased to announce the acquisition of the assets of FSW Funding, and hiring their entire team today. Ms. Robyn Barrett, Owner and Managing Member of FSW Funding, will join the OCF team as SVP – Managing Director, Working Capital Division and lead that segment for OCF.
CEO David Lamb commented “The addition of approximately $25 million in high yield factoring assets is of course a benefit however we are more excited about having Robyn Barrett and her high performing team join our OCF group. Robyn has a tremendous record of success and I look forward to her being a critical component to grow our working capital division for OCF and being part of the Bank’s overall leadership team.”
Robyn Barrett, Owner and Managing Member of FSW Funding noted “I know the opportunity available to grow the business and have the team that can make it happen. OCF will bring the only missing piece to grow which is liquidity and capital. I am also excited about the opportunity to help Oxford Bank clients, prospects and community with their working capital needs.”
The transaction is an asset acquisition plus assumption of certain liabilities related to those assets. The Bank’s parent, Oxford Bank Corporation, is issuing approximately 31,000 shares as part of the consideration to the owners. Other terms of the contract are not disclosed.
Oxford Commercial Finance Corp.(“OCF”), is a wholly owned subsidiary of Oxford Bank. OCF focuses on the commercial finance or alternative asset space with segments being developed in working capital; alternative energy; and leasing across the United States.
Oxford Bank is a subsidiary of Oxford Bank Corporation, a registered holding company. It is the oldest commercial bank in Oakland County and operates seven full-service offices in Clarkston, Davison, Dryden, Lake Orion, Oakland Township, Ortonville and Oxford. The Bank also has a Customer Experience Center in Rochester Hills, MI with transactional services provided by Interactive Teller Machines only. In addition, Oxford Bank has business banking centers in Wixom, downtown Oxford and Flint, MI. The Bank has operated continuously under local ownership and management since it first opened for business in 1884.