AFS/IBEX Financial Services to Sell Insurance Premium Financing Assets to MetaBank

Cecil Y. Ray Jr., chairman of AFS/IBEX and former chairman of The Rigg Group, has reported an agreement to sell substantially all of the loan portfolio and related assets of Dallas-based AFS/IBEX Financial Services - including AFS/IBEX Financial Services of California and American Financial Services Funding Corp- to MetaBank, the bank subsidiary of Meta Financial Group.

According to a media release, AFS originates loans through a network of over 1300 independent insurance agencies to provide short- term, collateralized financing that facilitates the purchase of insurance for commercial property, casualty and liability risk. Primary offices are in Dallas, TX, and Newport Beach, CA.

"We are excited to be joining forces with MetaBank and believe they will provide the necessary elements to expand our services further," said Holsan, who will serve as president of MetaBank's new insurance premium finance division that will continue to be known as AFS. "MetaBank is a perfect partner to help us grow our business."

More information and complete details:

www.afsibex.com

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