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Company Description

Contact Info

300 Fellowship Road

Mount Laurel, NJ 08054

United States

Phone: 888-479-9111

Fax: 888-479-1100

Marlin Business Services Corp. provides equipment financing solutions primarily to small and mid-sized businesses. The company finances approximately 100 categories of common-use commercial equipment important to the typical small and mid-sized business customer, including copiers, computers and software, security systems, telecommunications equipment and certain commercial and industrial equipment. The company accesses its end user customers primarily through origination sources comprised of its existing network of approximately 12,300 independent commercial equipment dealers, various national account programs, and through direct solicitation of its end user customers and through relationships with select lease brokers. As of December 31, 2015, the company serviced approximately 82,000 active equipment leases for approximately 68,000 small and mid-sized business customers. Through the issuance of Federal Deposit Insurance Corporation (FDIC)-insured deposits, the company’s wholly-owned subsidiary, Marlin Business Bank (MBB), serves as the company’s primary funding source. In 2014, MBB added the FDIC-insured money market deposit accounts (the MMDA Product) as another source of deposit funding. This product is offered through participation in a partner bank’s insured savings account product to clients of that bank. As a Utah state-chartered Federal Reserve member bank, MBB is supervised by both the Federal Reserve Bank of San Francisco and the Utah Department of Financial Institutions. Products Equipment Leases: The company’s leases provide for non-cancelable rental payments due during the initial lease term. The initial non-cancelable lease term is equal to or less than the equipment’s economic life. Initial terms range from 36 to 60 months. As of December 31, 2014, the average original term of the leases in its portfolio was approximately 47 months. The remaining terms and conditions of its leases are substantially similar, generally requiring end user customers to, among other things: address any maintenance or service issues directly with the equipment dealer or manufacturer; insure the equipment against property and casualty loss; pay or reimburse the company for all taxes associated with the equipment; use the equipment only for business purposes; and make all scheduled payments regardless of the performance of the equipment. Property Insurance on Leased Equipment: The company’s lease agreements specifically require the end user customers to obtain all-risk property insurance in an amount equal to the replacement value of the equipment and to designate the company as the loss payee on the policy. For others, the company offers an insurance product through a master property insurance policy underwritten by a third-party national insurance company that is licensed to write insurance under its program in all 50 states and the District of Columbia. AssuranceOne, Ltd. (AssuranceOne), the company’s Bermuda-based, wholly-owned captive insurance subsidiary, enables the company to reinsure the property insurance coverage for the equipment financed by Marlin Leasing Corporation and MBB for its end user customers. AssuranceOne reinsures 100% of the risk under the master policy, and the issuing insurer pays AssuranceOne the policy premiums, less claims, premium tax and a ceding fee based on a percentage of annual net premiums written. Funding Stream: Small Business Loans: During 2015, the company launched Funding Stream, a new, flexible loan program of MBB. Funding Stream is tailored to the small business market to provide customers a convenient, hassle-free alternative to traditional lenders and access to capital to help grow their businesses. Regulations As a Utah state-chartered Federal Reserve member bank, MBB is supervised by both the Federal Reserve Bank of San Francisco and the Utah Department of Financial Institutions. The company is subject to the Bank Holding Company Act and supervised by the Federal Reserve Bank of Philadelphia. The company’s wholly-owned insurance company subsidiary, AssuranceOne, is a Class 3 Bermuda insurance company, and as such is subject to the Bermuda Insurance Act 1978, as amended, and related regulations. Sections 23A and 23B of the Federal Reserve Act and applicable regulations also require generally that MBB’s transactions with its affiliates be on terms no less favorable to MBB than comparable transactions with unrelated third parties. History Marlin Business Services Corp. was founded in 1997.


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Price/Earnings 14.8x
Price/Sales 3.0x
Price/Book 1.5x
Price/Cash Flow 14.8x
TEV/Sales 1.9x

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