Latest news with #EvergreenBankGroup
Associated Press
02-04-2025
- Automotive
- Associated Press
Evergreen Bank and FreedomRoad Financial Implement Inovatec's Dealer Portal and LOS to Automate Loan Origination Workflows
Cloud-Based Platforms Enhance Dealer Efficiencies and Lower Costs VANCOUVER, BC / ACCESS Newswire Inovatec Systems, a leading provider of cloud-based software solutions for lenders, has deployed its Dealer Portal and LOS platforms for power sports equipment lender Evergreen Bank Group, and its loan production centers, FreedomRoad Financial and Performance Finance. The comprehensive system supports Evergreen's power sports lending activities by offering dealers a user-friendly portal to submit loan applications for immediate processing and decisioning. 'We are very pleased with the ingenuity and simplicity of Inovatec's technology, which allows our dealers to confidently book deals in a fast and efficient manner,' said Darin Campbell, chief executive officer of Evergreen Bank. 'The ability to improve dealer experiences is vitally important to us. We know they have multiple options to finance power sports purchases and want to receive approvals and funding as quickly and seamlessly as possible. We are confident that the convenience of Inovatec's solution will make financing through both Evergreen Bank and our power sports lending divisions much easier for our dealers and their consumers, resulting in increased revenue and happier customers.' Based in Oak Brook, Illinois, Evergreen Bank Group is a full-service financial institution with over $1.4 billion in assets. The bank owns and operates FreedomRoad Financial and Performance Finance, both national power sports lending divisions that provide retail financing solutions for the purchase of motorcycles, ATVs, snowmobiles, and other power sports products. Inovatec's Dealer Portal is a state-of-the-art, user-friendly solution that streamlines all aspects of the loan application process for dealers, resulting in a fast and efficient tool to book sales and enhance client satisfaction. The Portal is integrated into existing digital channels, and through intuitive drag-and-drop functionalities, allows customizing web forms to project a seamless brand experience for clients. The Portal also integrates with third party document management, credit bureaus and other services that are designed to further improve lending activity. Inovatec's market-proven LOS is a cloud-based system that automates cumbersome workflows like application scoring, decisioning and reporting requirements. When combining the Inovatec Dealer Portal and LOS, lenders can leverage a comprehensive platform that can help them succeed in a fast-changing market. 'Pairing the Inovatec Dealer Portal with the LOS creates a compelling solution for financial institutions to automate their loan application processes and accelerate sales activity,' said Samuel Heath, Inovatec's chief revenue officer. 'We are especially proud that Evergreen Bank and its loan production companies, which distinguish themselves by creating superior experiences for dealers and clients, have elected to use Inovatec technology to support their power sports lending activities. We fully expect that these organizations will be pleased with the speed and accuracy that our solutions provide.' About Inovatec Systems Inovatec Systems Corp. is a leading provider of cloud-based loan origination, decisioning and servicing solutions, serving lenders across North America. The company's innovative technologies enhance business outcomes by improving efficiency, accuracy, and client satisfaction. For more information, visit About Evergreen Bank Founded in 2007 and headquartered in Oak Brook, IL, Evergreen Bank Group is a leading tech-savvy community bank serving the greater Chicago area and beyond. In addition to its retail and commercial banking services, Evergreen is a national leader in niche lending markets, including collector car, power sports, and manufactured housing loans. With a focus on delivering exceptional customer experiences through innovative digital platforms, Evergreen is redefining community banking for the modern era. Media Contact: Glenn Goldberg Parallel Communications Group, Inc.
Associated Press
18-03-2025
- Business
- Associated Press
Growers Edge, Compeer Financial, and Evergreen Bank Group Partner to Deliver Rapid Input Financing Offering
Growers Edge, a technology firm that provides modern financial products and data-driven tools for agricultural retailers, manufacturers and lenders, today announced a new partnership with Evergreen Bank Group and Compeer Financial. Faced with low profit margins and high interest rates, agricultural retailers and manufacturers have embraced in-house input financing programs to increase wallet share and better serve their grower customers. In-house input financing helps retailers and manufacturers retain sales opportunities and valuable data, unlike other lines of credit (like local operating loans), which can be used elsewhere. Together, Compeer Financial, Evergreen Bank Group and Growers Edge provide funding liquidity and a partner branded SaaS platform that simplifies the application, credit decisioning, and loan management process. By empowering agricultural retailers and manufacturers to provide growers with instant financing decisions at competitive rates, the partnership helps growers manage risk and defer payment on new, innovative crop inputs. 'Given the current state of the ag economy, input financing is a powerful sales tool,' said Andy Flores, Business Development Director at Growers Edge. 'Our customer agronomists report that financing conversations are often initiated by growers. They're willing to try new inputs, but they need their retailer partners to help mitigate the risk.' Aligned in their missions of supporting rural communities, Compeer Financial, Evergreen Bank Group and Growers Edge will also partner in the development of other financial products and new digital tools that help growers maximize output, achieve peace of mind and secure their economic futures. 'This partnership brings financing options to farmers when and where they need it,' said Kelly Miller, Director of AgTech at Compeer Financial. 'Growers Edge and Evergreen Bank Group understand the importance of making it easier for clients to do business in their local communities and Compeer Financial is proud to provide a cutting-edge option to do just that.' The landmark partnership follows a series of major achievements for Growers Edge. In addition to serving four of the top ten largest retailers in the country with the Crop Plan Warranty, Growers Edge has partnered with organizations like Nutrien, PepsiCo, Mondelez and Helena Agri-Enterprises to boost sustainable agriculture practices. In 2024, Growers Edge acquired AQUAOSO Technologies, which offers its services under the Agcor brand and provides mapping, data, and analytics software for agricultural lenders, and expanded its farmland valuation tool to cover more than 144 million acres of land across nine states. Earlier this year, Growers Edge announced it protected over 1 million acres of American farmland from downside risk through its crop plan warranty program. To request an input financing platform demo from Growers Edge and request a term sheet, go demo at Growers Edge. About Growers Edge Growers Edge provides modern financial products and data-driven tools that help forward-thinking agriculture retailers, manufacturers, and lenders reduce their growers' risks and costs when adopting newer innovative solutions and practices. The company's crop plan warranties and input financing solutions are trusted by dozens of retailers and manufacturers to assist hundreds of growers affordably purchase their products and guarantee yields on over one million acres of cropland. About Compeer Financial Compeer Financial is a member-owned Farm Credit cooperative serving and supporting agriculture and rural communities. The $33.1 billion organization provides loans, leases, risk management and other financial services throughout 144 counties in Illinois, Minnesota and Wisconsin. Based in the Upper Midwest, Compeer Financial exists to champion the hopes and dreams of rural America, while providing personalized service and expertise to clients and the agriculture industry. About Evergreen Bank Group Founded in 2007 and headquartered in Oak Brook, IL, Evergreen Bank Group is a leading tech-savvy community bank serving the greater Chicago area and beyond. In addition to its retail and commercial banking services, Evergreen is a national leader in niche lending markets, including collector car, powersports, and manufactured housing loans. With a focus on delivering exceptional customer experiences through innovative digital platforms, Evergreen is redefining community banking for the modern era.
Chicago Tribune
01-03-2025
- Business
- Chicago Tribune
Aurora-based Old Second set to buy Evergreen Bank Group
The Aurora-based Old Second Bancorp is set to buy the Oak Brook-based Bancorp Financial, which owns Evergreen Bank Group, for $197 million in cash and stocks, the two companies announced on Friday. The merger agreement was unanimously approved by the boards of directors of both companies and is expected to close in the third quarter of 2025, according to a joint news release from both companies. James Eccher, who is the chairman, president and CEO of Old Second Bancorp, said in the news release that the merger will 'diversify our revenue streams, enhance our management depth and provide a continuing opportunity to drive long-term stockholder value. 'Most importantly, we believe it enhances our competitive position in Chicago and increases the financial flexibility to continue to build the best bank possible for our customers and communities,' Eccher said. Once the two companies are combined, Old Second will have around $7 billion in assets, $6 billion in deposits and $5 billion in loans, which company officials said in the release will make it the second largest community bank under $10 billion in assets in the Chicago market. The combined company is set to have 56 bank branches across the Chicago region, the news release said. The acquisition will also expand Old Second into new markets through Evergreen Bank Group's powersports loans, according to the news release. FreedomRoad Financial and Performance Finance are both divisions of Evergreen Bank Group. 'By joining forces with Old Second, we are combining our strengths and shared values to create a better bank, offering enhanced services and opportunities for our employees, customers, key partnerships and the communities we serve,' Darin Campbell, chairman of Bancorp Financial, said in the news release. 'Together, we are poised to make an even greater impact and continue our legacy of excellence in banking.' The merged company is expected to have a diverse asset base, get improved returns and have opportunities for growth, company officials said in the news release. According to Eccher, the merger will also mean 'significantly less volatility and a stronger earnings profile in all rate environments.' The two banks' cultures are 'highly compatible with a shared commitment to serving clients that will benefit all constituents,' and Old Second is 'extremely excited to welcome Darin and his team into our management team,' Eccher said in the release. Bancorp Financial stockholders are expected to receive 2.5814 shares of Old Second common stock and $15.93 in cash for each share of Bancorp Financial's common stock, according to the news release. Company officials said in the release that, based on the $18.08 per share closing price of Old Second common stock on Feb. 24, the implied purchase price is $62.60 per Bancorp Financial common share, so the total transaction value is roughly $197 million.
