Arra Finance Set to Acquire Crescent Bank's $815 Million Auto Loan Portfolio
June 13, 2025 - 03:31
Subprime auto lender Arra Finance has announced a significant acquisition, entering into an agreement to take over the auto loan business of Crescent Bank, which is based in New Orleans. This strategic move will allow Arra Finance to expand its footprint in the auto lending market.
The transaction, which is anticipated to close in the third quarter, will see Arra Finance assume servicing responsibilities for Crescent Bank's substantial $815 million auto loan portfolio. This acquisition reflects Arra's commitment to growth and its strategy to enhance its service offerings within the subprime lending sector.
Importantly, Crescent Bank will retain its physical branches, online retail banking platforms, and commercial lending operations, ensuring that its existing customer base continues to receive comprehensive banking services. This deal marks a pivotal moment for both institutions as they navigate the evolving landscape of auto financing and banking services.
MORE NEWS
October 30, 2025 - 00:16
The Fed's Rate Cut: Strategies to Optimize Your SavingsIn light of the recent Federal Reserve rate cut, individuals are reevaluating their savings strategies to ensure they maximize their returns. With interest rates fluctuating, the opportunity cost...
October 29, 2025 - 02:12
Beta Bionics Announces Strong Financial Performance for Q3 2025 and Upgraded Full Year GuidanceIRVINE, Calif., Oct. 28, 2025 -- Beta Bionics, Inc., a leader in diabetes management solutions, has reported impressive financial results for the third quarter of 2025, which ended on September 30....
October 28, 2025 - 00:23
Integrating Asset-Backed Finance into Private Credit PortfoliosAs private credit evolves, so can portfolios by integrating asset-backed finance and direct lending strategies. The landscape of private credit is changing, presenting new opportunities for...
October 27, 2025 - 05:52
Surge in AI-Driven Crypto Payments Using Coinbase ProtocolAgents utilizing a payment protocol created by Coinbase have experienced an unprecedented surge in activity over the past week. The number of transactions soared by an astounding 4,300%, reaching a...