National Bank of Commerce Acquires Majority Interest in Corporate Billing
BIRMINGHAM, AL and DECATUR, AL (September 5, 2014) – National Commerce Corporation (“NCC”), the parent company of National Bank of Commerce (“NBC”), headquartered in Birmingham, Alabama, and Corporate Billing, LLC (“Corporate Billing”), headquartered in Decatur, Alabama, today jointly announced the acquisition by NBC of a majority equity ownership stake in CBI Holding Company, LLC, the parent company of Corporate Billing. Corporate Billing will continue to operate under its existing management team, led by Skip Thompson, CEO since 2009.
Corporate Billing, founded in 1995, provides factoring, invoicing, collection and accounts receivable management services to automotive, trucking and manufacturing companies nationwide, enabling its clients to better manage their working capital needs. NBC is a community-focused banking leader that offers commercial, personal and mortgage banking services in the Birmingham, Huntsville, Lee County and Baldwin County market areas in Alabama, and the Vero Beach market area in Florida.
NBC Chairman, John H. Holcomb, III, spoke about the announcement, saying, “We are pleased to partner with Corporate Billing. We know the company, its people, and its business model well. Corporate Billing was a division of First American Bank when First American was acquired by Alabama National BanCorporation, the holding company previously led by the current management team of NBC. After the sale of ANB to RBC Bank (USA) in 2008, Skip Thompson, former CEO of First American, and Britt Sexton, a former board member of ANB, purchased Corporate Billing from RBC. We always liked the business line offered by Corporate Billing, we have confidence in Skip and Britt, and we have stayed close to them hoping that the opportunity would arise whereby we could all work together again. Their growth trajectory, experience in the factoring business, nationwide reach, ethical leadership, and outstanding technology platform, combined with our capital base and knowledge of the industry, make for a wonderful partnership.”
Corporate Billing CEO, James R. (Skip) Thompson, III, also spoke of the announcement, saying, “This feels like a homecoming. Access to the enhanced funding source and expanded capital base of NBC will allow us to execute on our strategy to grow, and having a majority owner with significant depth of experience in our line of business should mean great things for both companies. I am thankful that we will remain headquartered in Decatur and that we can look forward to a partnership built on years of mutual respect. I believe that, as a result of this partnership, we will be even better positioned to continue the growth in revenues and profitability that we have enjoyed for the past five years.”
Thompson and Sexton will retain meaningful ownership in Corporate Billing, and both will remain on the Corporate Billing board of managers. Additionally, Thompson has entered into a long-term employment agreement with Corporate Billing.
Richard Murray, IV
President and Chief Executive Officer
National Bank of Commerce
James R. Thompson, III
Chief Executive Officer
Corporate Billing, LLC
Any statements in this press release other than statements of historical facts, including statements about management’s beliefs and expectations, are forward-looking statements and should be evaluated as such. These statements are made on the basis of management’s views and assumptions regarding future events and business performance. Words such as “estimate,” “believe,” “anticipate,” “expect,” “intend,” “plan,” “may,” “will,” “would,” “should,” “could,” “target,” “project,” “continue,” “positions,” “prospects,” “potential,” and similar expressions are typically indicative of forward-looking statements. Without limiting the generality of the preceding statement, forward-looking statements include all statements other than those made solely with respect to historical fact, including statements with respect to NCC’s expectations for the growth of Corporate Billing, including successfully growing its revenues and profits. Numerous risks, uncertainties and other factors may cause actual results to differ materially from those expressed or implied in any forward-looking statements. Such risks and uncertainties include difficulties, delays and unanticipated costs in integrating the business of Corporate Billing, realizing expected cost savings and other benefits or growing the factoring business; business disruptions as a result of the integration, including possible loss of customers; and diversion of management time to address transaction-related issues. These risks and uncertainties also include a number factors related to the business of NCC and the banking and factoring businesses generally, including various risks to stockholders of not receiving dividends; risks to NCC’s ability to pursue growth opportunities; various risks to the price and volatility of NCC’s common stock; NCC’s ability to incur additional financial obligations in the future; risks associated with NCC’s possible pursuit of future acquisitions; economic conditions in NCC’s current service areas; system failures; losses of large customers; disruptions in relationships with third-party vendors; losses of key management personnel and the inability to attract and retain highly qualified management and personnel in the future; changes in the extensive governmental legislation and regulations governing banking; high costs of regulatory compliance; the impact of legislation and regulatory changes on the banking industry; and liability and compliance costs regarding banking regulations.
Many of these risks are beyond management’s ability to control or predict. All forward-looking statements attributable to NCC, Corporate Billing or persons acting on behalf of either of them are expressly qualified in their entirety by the cautionary statements and risk factors contained in this communication. Because of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements. Furthermore, forward-looking statements speak only as of the date they are made. Except as required under the federal securities laws or the rules and regulations of the Securities and Exchange Commission, neither NCC nor Corporate Billing has any obligation to update or review any forward-looking information, whether as a result of new information, future events or otherwise.