Friday, March 23, 2007

Financial services company moves HQ from California to Utah

March 19, 2007

Financial services company moves HQ from California to Utah
By Debbi Taylor
The Enterprise

Following the acquisition of Salt Lake City-based Pacific Financial Lending Inc. by Lodi, Calif.-based Pacific Financial Solutions Inc., (PFUO), the company has moved its corporate headquarters from California to Midvale.

When PFUO began negotiations with Pacific Financial Lending the company began looking for a new location for its corporate headquarters that would accommodate the growing company and its new operations, most of which are located in Utah.

Additionally, Bruce Grogg, founder and president of Pacific Financial Lending, was named chief executive officer of PFUO, and his partner, Josh Lindsay, was named president. "The shareholders of Pacific Financial Solutions liked what we were doing so they started negotiations with us to merge our companies in with theirs," Grogg said. "Their CEO stepped down and retired and I became the CEO and we moved corporate out here rather than have me travel back and forth from there."

Grogg said that with so many of the company's new assets being located in Utah, it made economic sense to relocate the corporate headquarters here. As Pacific Financial Lending, the company occupied about 600 square feet in two offices at 1405 S. Main St. in Salt Lake City. Following the merger, the company moved into a 3,000 square foot office complex at 7001 S. 900 E. in Midvale. "We were falling over ourselves in Salt Lake," Grogg said.

"Plus we expanded after we moved to our new location and hired more people. We are expanding like crazy. We will be hiring more in the next couple of weeks and we hope to be at 100 by year's end." Operations in Lodi will remain in place, which includes the company's warehousing and ATM kiosks divisions. The new Pacific Financial Solutions is a financial company that owns and manages ATM machines, as well as provides point-of-banking terminal technology and Internet enabled kiosks.

Other divisions of the company include a consumer lending, a media agency that provides direct response, television, radio and print advertising services and affinity "Gift to Give" prepaid gift and stored value cards. Due to the acquisition of Pacific Financial Lending, the company now provides outsourced receivables management, pre-collections and consumer product lending to the direct response industry, and commercial lending to varied merchants and industries. "Our approach of offering customers alternative financing solutions such as third party negotiations on the customers' behalf at existing credit facilities often result in reduced interest rates and increased credit limits," Lindsay said.

"Not only do we help the merchant's bottom line by collecting payments for goods already sold, but we also clear previously declined sales using alternative financing methods." PFUO's annual revenues are projected to exceed $7.8 million in 2007

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