Truist Financial (NYSE:TFC) unit Truist Insurance Holdings will acquire finance company BankDirect Capital Finance from Texas Capital Bancshares (NASDAQ:TCBI).
The transaction, subject to satisfaction of customary closing conditions, is expected to close in Q4.
The acquisition is set to add more than $3B in loans to Truist Insurance Holdings' premium finance business.
BankDirect will operate as a division of Truist Insurance's existing U.S. premium finance operation, AFCO Credit.