OAK BROOK – Inland Bank and Trust said it has entered into two commercial loans totaling $1.6 million to a financial advisory firm with offices in Maryland and Montana.
A financial advisor within the company applied for the initial loan to acquire part of the company’s customer database. This gave the firm’s owners the option of later making an external acquisition, funded by the second loan, to expand their business to a third firm, Inland said.
The transactions were completed under Inland Bank’s financial advisor loan program.
Since its inception, the program has funded nearly $20 million in loans to financial advisors located in Illinois, Alabama, Arizona, California, Colorado, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Montana, New Jersey, New Mexico, North Carolina and Ohio. , Oklahoma, South Carolina, Texas and Wisconsin, the company said.
Tiffany Tyson, vice president of commercial loans at Inland Bank, originated both loans.