Alfa Corporation Completes Sale of Consumer Leasing Division.MONTGOMERY, Ala. -- Alfa Corporation (Nasdaq/NM:ALFA) today announced that it has completed the previously announced sale of its commercial leasing division, OFC OFC Office OFC Officer OFC Of Course OFC Oxygen Free Copper OFC Oceania Football Confederation (soccer) OFC Optical Fiber Cable OFC Optical Fiber Communications OFC Optical Fiber Conference Capital (OFC), to a subsidiary of MidCountry Financial Corp. Terms of the sale were not disclosed. Headquartered in Roswell, Georgia Roswell is a city located in northern Fulton County, Georgia. As of the 2000 census, the city had a total population of 79,334. Census Estimates of 2005 show a population of 98,137. Residents of Roswell are referred to as Roswellians. , OFC was founded in 1984 as a general equipment lessor One who rents real property or Personal Property to another. A lessor of land is a landlord. Cross-references Landlord and Tenant. lessor n. the owner of real property who rents it to a lessee pursuant to a written lease. and equipment finance company, providing leasing services throughout all 50 states. OFC was acquired by Alfa in 2000 and operated as a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Alfa Financial Corporation. MidCountry Financial, headquartered in Macon, Georgia, offers community banking services through 23 offices of MidCountry Bank located throughout the Midwest and consumer finance services through offices of Heights Finance Corporation located in five states. Alfa's Chairman, President and Chief Executive Officer, Jerry A. Newby, commented, "Alfa decided to divest To deprive or take away. Divest is usually used in reference to the relinquishment of authority, power, property, or title. If, for example, an individual is disinherited, he or she is divested of the right to inherit money. of OFC because it did not enhance our core insurance business. We will continue to operate our consumer finance company, Alfa Financial Corporation, which has been a very consistent performer over many years and affords us the opportunity to further strengthen customer relationships by offering additional services to our policyholders. "Alfa Financial Corporation is a 42% shareholder of MidCountry Financial. We have great confidence in their management team," Newby added, "and believe they will be able to provide OFC with focused underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. and operating expertise." Alfa Corporation is engaged in insurance and financial activities through its subsidiaries. The common stock of Alfa Corporation is traded on the Nasdaq Stock Market's National Market under the symbol ALFA. Investors are cautioned that statements in this press release which relate to the future are, by their nature, uncertain and dependent upon numerous contingencies - including political, economic, regulatory, climatic, competitive, legal, and technological - any of which could cause actual results and events to differ materially from those indicated in such forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Additional information regarding these and other risk factors and uncertainties may be found in Alfa Corporation's filings with the Securities and Exchange Commission. |
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