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October 9, 2018 10:45 AM, EDT

N.J. Bank Acquires California-based Fleet Financing Resources

New Jersey-based Marlin Business Services Corp. said it acquired Fleet Financing Resources, a specialty lender focused on financing transportation equipment based in Riverside, Calif.

Fleet Financing Resources will form the basis of a new commercial vehicle group and will be headed up by Dave Reynolds, who is president and CEO of FFR, the company announced.

Jeffrey Hilzinger, president and CEO of Marlin, said FFR generated more than $75 million in financing in 2017 and “fits well within our vocational strategy for the transportation market.”

“This acquisition allows us to significantly accelerate our growth in the commercial vehicle and titled transportation markets with a proven team that has significant expertise in these markets,” he said in a Sept. 19 statement.

Terms of the transaction were not disclosed.

Marlin is a publicly traded bank holding company based in Mount Laurel Township, N.J.