Sunday, May 16, 2010

Cookeville Company Expands Into Banking Biz

A Cookeville company, which specializes in making signs for banks and other clients, has now decided to get into the banking business. According to a report in the New Hampshire Business Review, Identity Group of Cookeville has acquired from TD Bank some of the assets of a company called BrandPartners. BrandPartners had laid off some 50 employees on April 16, when it suddenly shut it doors with more than $10 million in debt. And Identity Group won't be hiring back most of those people, and it won’t work out of the same building. Instead, the story says Identity will hire three employees from the community bank division and “reach out” to other employees as independent contractors. While it's located in Cookeville, Identity Group is a firm owned by Saw Mill Capital of Briar Cliff, N.Y., and primarily makes signs for the health care and hospitality markets. CEO Patrick Spear is quoted as saying, “Identity Group’s expansion into the community financial services market is a natural move for us." Thomas said Identity has acquired none of BrandPartners’ debt. He declined to say how much Identity paid for the assets.