Premier’s Founder and CEO Steps Down After Building the Nation’s Leading Provider of Specialty Lease Financing for Exotic, Vintage and Luxury Vehicles
WOODBURY, Conn., May 4, 2021 – Premier Financial Services (PFS) – the nation’s leading finance company providing specialty leasing for new and previously owned Ferraris, Porsches, McLarens, Lamborghinis and other exotic, vintage and luxury automobiles – announced today that the company has been acquired by 1st Financial Bank USA (1FBUSA). Terms of the transaction between the two privately held companies were undisclosed.
Announcing the ownership transition, PFS Founder and CEO, Mitch Katz, said that, “Over the past 24 years, my goal was to build a company that’s recognized industry-wide for its integrity, world-class customer service, and ability to help serious enthusiasts drive their dream cars. With retirement in mind, I’ve spent the past year looking for an established institution that shares my passion for the business, and also possesses the financial resources that will enable Premier to reach an even higher level of success, in terms of market penetration. I could not be more pleased to have selected 1st Financial Bank USA as Premier’s new owner.”
Established in 1910, 1FBUSA provides credit cards, construction finance, rental investment property loans, and SBA loans across the country, as well as a full range of banking services in its local communities. The bank’s Senior Vice President, James Hegyi, said that “We are extremely impressed with the business Mitch Katz has built, and the talent and dedication of the PFS team. We are excited to welcome all of them to 1FBUSA. Our financial resources and capabilities as a bank, along with Premier’s deep automotive knowledge and relationships in the exotic and vintage car market, will be a winning combination that benefits dealers as well as serious car enthusiasts. We look forward to further expanding Premier’s leadership in its market.”
Mr. Hegyi noted that 1FBUSA is committed to ensuring a smooth ownership transition. “Mitch Katz will remain at Premier in a management position for an extended period, and there will be no interruption in the world-class level of service that Premier’s staff has delivered to customers and dealers over the past 24 years.”
Specialty leasing has continued to gain wider acceptance as an automotive financing strategy, according to Mr. Katz. PFS’s Simple Lease – which is unlike pre-packaged, closed-end lease arrangements – provides car owners with greater flexibility, including favorable options for lease termination. That feature is particularly important to exotic and vintage car owners, who often move in and out of cars on a frequent basis. Mr. Katz noted that, on average, Premier’s clients terminate and enter new lease agreements between 18 – 24 months.
SOLIC Capital Advisors served as a financial advisor to Premier Financial Services in connection with this transaction.
About Premier Financial Service, LLC
Since 1997, Premier Financial Services has been a recognized leader in specialty leasing of new and previously owned exotic, vintage and luxury cars. Premier is dedicated exclusively to innovative, customized leasing arrangements for clients seeking the flexibility of financing, conservation of capital, and the tax advantages of leasing. Premier’s success is based on delivering the industry’s highest level of customer service. Visit www.premierfinancialservices.com
About 1st Financial Bank USA
Established in 1910, 1st Financial Bank USA provides credit cards, construction finance, rental investment property loans, and SBA loans across the country, as well as a full range of banking services in its local communities. 1FBUSA’s headquarters are located in Dakota Dunes, South Dakota. Learn more at www.1fbusa.com