TAB Bank Extends a $11.5 Million Asset-Based Lending Facility for Prometco Metals Corporation
OGDEN, Utah, Oct. 09, 2025 (GLOBE NEWSWIRE) -- TAB Bank has closed a $11.5 million asset-based lending facility for Prometco Metals Corporation, including a $500 thousand term loan. The funds will help the distributor and processor of stainless steel and aluminum coil products accelerate growth and maintain its position as a premier provider of metal products in North America.
Prometco was founded in 1991 with the intent to process and distribute stainless steel and aluminum slit coil products. In addition, its founders have over 60 years combined experience in the metals industry and are dedicated to producing a quality product at a competitive price with exceptional customer service. They are focused on shipping quality metal products throughout the United States, Canada, and Mexico from their processing facility in Naperville, IL. They are constantly confronted by the challenges of a changing environment, but continue to invest millions into their inventory, equipment, and facilities.
“Right from our first meeting, Prometco Metals had a very positive financing experience with the TAB Team. Obviously, we entertained multiple options, but TAB really dug in and easily differentiated themselves by putting in the effort to understand and work with a non-traditional metals business with unique cash flow and inventory requirements,” stated Jack Thompson, President, Prometco Metals Corporation.
“We found TAB to be flexible in meeting our requirements, reasonable on terms, available for consultation, and extremely responsive throughout the process. From the underwriting lead on due diligence, to legal, to treasury, and the transition to account management, Prometco has found TAB to be a first-class team.”
TAB Bank offers customized financial solutions for small to mid-sized businesses across various industries. Services include asset-based lending, equipment financing and working capital solutions tailored to help companies scale and thrive.
About TAB Bank
At TAB Bank, our mission is to unlock dreams with bold financial solutions that empower individuals and businesses nationwide. We are committed to building value in all we do through our innovative banking products. Our dedication drives us to continuously improve, ensuring that we meet the evolving needs of our clients with excellence and agility. For over 27 years, we have remained steadfast in offering tailored, technology-enabled solutions designed to simplify and enhance the banking experience.
For more information about how we can help you achieve your financial dreams, visit www.TABBank.com.
Contact Information:
Trevor Morris
Director of Marketing
801-710-6318
trevor.morris@tabbank.com
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