News
September 2004
Sallie Mae acquires majority interest in Arrow Financial Services
Transaction marks continued expansion of company's debt management operations
RESTON, Va., Sept. 17, 2004—SLM Corp. (NYSE: SLM ), commonly known as Sallie Mae, today announced that it has acquired a majority interest in Arrow Financial Services, a full-service accounts receivable management company that purchases charged-off debt, conducts contingency collection work and performs third-party receivables servicing across a number of consumer asset classes.
“Arrow Financial brings a wealth of assets to our debt management organization, including experienced management and a highly successful modeling capability,” said Thomas J. (Tim) Fitzpatrick, president and chief operating officer, Sallie Mae. “The acquisition extends our reach in the debt recovery industry and expands the services we can offer our customers.”
The purchase price was not disclosed. The transaction is expected to be immediately accretive to 2004 earnings, and the company expects it to contribute between $.05 and $.07 per diluted share in 2005. Under the terms of the agreement, Sallie Mae has the option to purchase the remaining interest in Arrow Financial Services over a three-year period.
“We are proud and excited to be joining the Sallie Mae family,” said Jack Lavin, president and chief executive officer, Arrow Financial. “This relationship will open doors to new customers for our growing business.”
Arrow Financial employs nearly 1,400 individuals at locations in Niles , Ill. , Gaithersburg , Md. , San Diego , Calif. , Whitewater , Wis. , and Rockville Centre , N.Y. The company was founded in 1961 and has been under the continuous ownership and management of the Lavin family. It will retain its brand, successful strategy and senior management team.
April , 2004
Arrow makes the Crain's Chicago Business - April 2004 issue for the Largest Privately Held Companies in Chicago for the third straight year. This year's ranking is #141 out of 266 companies compared to #176 in 2003 and #245 in 2002.
November, 2003
An Interview with the 
Recently, Jack Lavin gave an interview with The Wall Street Reporter Weekly News Magazine about debt buying, the challenges the industry is facing today and the future of Arrow. For a transcript of the interview, click here: Wall Street
October, 2003
Inc. Magazine Announces 2003 List of Top 500 Privately Held Companies
For the third straight year, Arrow has been named to Inc. Magazine's - Top 500 Fastest Growing Privately Held Companies in the U.S. Arrow's top 500 ranking this year is #215 ( 2002 - #265 ; 2001 - #423 ). Arrow was also ranked #25 in the Top 25 Companies by Size for this year. Arrow is the only accounts receivable management company to be on this list for the past three years.
September, 2003
7th Annual Kid Care Auction
On September 18, 2003 at the Hyatt in La Jolla , California , several hundred people participated in a charity event to raise over $175,000 to keep two mobile medical units running. These units, in conjunction with the 13 clinics are able to reach over 350,000 patients annually who have no health care coverage. Arrow's Vice President, Mark Cavin said "In the 14 years that I have been on the board, I have witnessed the true partnership between public, private and non-profit organizations being responsible in providing support to the communities we reside." Each Arrow location is active in their communities and charities.
August, 2003
First Business Television Debut
On August 15th, Jack Lavin appeared on the nationally syndicated show "First Business", an early morning show which targets business people and investors.
Baird Small Cap Conference
On August 6th, Jack Lavin was a speaker at the Baird Small Cap Conference in New York . The conference gathered senior management from public and private companies with a target audience of small-cap institutional portfolio managers, analysts and private equity firms.
June, 2003
Congratulations! Jack Lavin - E&Y Entrepreneur of the Year (IL)
June 12, 2003 - Chicago , Illinois . At the spectacular Grand Ballroom at Navy Pier, Jack Lavin, Arrow Financial Services' President and CEO, won Ernst & Young's, Entrepreneur of the Year Award in the Financial Services category for Illinois . As Mr. Lavin humbly accepted the award, he wanted to be sure that this award was accepted on behalf of the Arrow team. In his speech he commented:
"If it weren't for two of my business partners, my brother Ron Lavin and Brian Cutler (who has been with Arrow for 25 years) teaching me this industry, we wouldn't be here today." Jack continued by saying "I must include my other business partner, Michael Valentino . Michael is our CFO, but he's much more than that, he has made a profound impact on Arrow and is one of the major reasons for our success."
Jack concluded, "A particular thank you to another business partner, Parthenon Capital, based in San Francisco and Boston and all of the Arrow management team. And, of course, I cannot forget to thank my wife. Robin is involved in most of the major decisions and she never gets the recognition that she deserves."
Mr. Lavin was a finalist for Entrepreneur of the Year in 2002. Arrow has been ranked by both the Crain's (Chicago) and Inc. 500 Magazine's (U.S.) fastest growing privately held companies two years in a row and has been assigned a Strong ranking by Standard & Poor's as a Consumer Finance Special Servicer.
Arrow is a premier accounts receivable management firm with offices in Chicago , Wisconsin , San Diego , Maryland and New York with over 1,500 employees. Arrow has established a reputation as one of the most stable, service oriented, reliable and dynamic companies in the industry.
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