AFCO Credit completed the acquisition of the insurance premium finance subsidiary of Texas Capital Bancshares for $3.4bn.

AFCO Credit, a premium finance company, completed the acquisition of the insurance premium finance subsidiary of Texas Capital Bancshares, a bank holding company, for $3.4bn. "The sale of BankDirect represents an important milestone for Texas Capital, further enabling us to re-focus our capital and expense base consistent with our strategy of creating the flagship full-service financial services firm in Texas. The sale follows a deliberate process designed to maximize shareholder value, strengthen our balance sheet, simplify our business model and free up incremental resources to be redeployed to our core businesses. BankDirect operates a nationwide business and generates desirable, granular commercial loans with superior credit quality. I want to thank the team at BankDirect for their long-term partnership and solid commitment to building an outstanding franchise resulting in the success of this transaction," Rob C. Holmes, Texas Capital CEO and President.