The Detroit company, which recently agreed to be sold to Huntington Bancshares, gained $1 billion in loans and roughly 60 employees.
The company, which expressed concerns about the validity of some of the loans it bought, renegotiated a lower price and protections from the seller involved in the deal.
The company also found a buyer for its portfolio of equipment finance loans as it tries to clean up credit and refocus on middle-market lending.
The company said it has concerns about a large amount of accounts receivable it bought in July.
The company paid Covenant Logistics Group about $14 million for $103 million in accounts receivable.
A properly deployed combination of asset-based lending, commercial loans and investment banking is imperative in these circumstances.
The Massachusetts mutual hired two former bankers from Blue Hills Bancorp, which was recently sold to Independent Bank.
The New York company will add $504 million of asset-based and equipment-finance loans as part of the acquisition.
