Inland Bank and Trust closes $1.6 million in loans
OAK BROOK -- Inland Bank and Trust said it has closed two commercial loans totaling $1.6 million to a financial adviser practice with offices in Maryland and Montana.
A financial adviser within the firm sought the initial loan to acquire a portion of the company's client database. This provided the owners of the practice flexibility to subsequently complete an external acquisition, funded by the second loan, to expand their business into a third practice, Inland said.
The transactions were completed through the Inland Bank Financial Advisor Loan Program.
Since its inception, the program has funded nearly $20 million in loans to financial advisers located in Illinois, Alabama, Arizona, California, Colorado, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Montana, New Jersey, New Mexico, North Carolina, Ohio, Oklahoma, South Carolina, Texas and Wisconsin, the company said.
Tiffany Tyson, vice president, commercial lending with Inland Bank, originated both loans.