Alfa Corporation Subsidiary Acquires 44% Interest in MidCountry Financial Corp.Business Editors MONTGOMERY, Ala ALA aminolevulinic acid. Ala alanine. ala (a´lah) pl. a´lae [L.] a winglike process. .--(BUSINESS WIRE)--Aug. 30, 2002 Alfa Corporation (Nasdaq/NM: ALFA) today announced that its 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. , Alfa Financial Corporation, has made a $13,500,000 investment in MidCountry Financial Corp. Alfa Financial's investment will give it a 44% ownership in this newly formed entity. Jerry A. Newby, Alfa Corporation's Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , and C. Lee Ellis ELLIS - EuLisp LInda System. An object-oriented Linda system written for EuLisp. "Using Object-Oriented Mechanisms to Describe Linda", P. Broadbery <pab@maths.bath.ac.uk> et al, in Linda-Like Systems and Their Implementation, G. Wilson ed, U Edinburgh TR 91-13, 1991. , Alfa Corporation's Executive Vice President, Operations, will serve on the MidCountry Financial Corp. board of directors. As a result of this significant ownership percentage, Alfa Financial will account for earnings from MidCountry Financial using the equity method of accounting. MidCountry Financial is a financials services holding company with one wholly owned subsidiary, Heights Finance Corporation. Heights Finance was acquired by MidCountry on August 30, 2002. Heights Finance Corporation is a consumer finance company doing business in five midwestern states. 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 Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. (National Market System) under the symbol ALFA. |
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