Auto One Acceptance Corporation Acquires Guaranty Federal's Indirect Automobile Lending Unit.Business Editors/Automotive Writers DALLAS--(BUSINESS WIRE)--March 3, 2000 Auto One Acceptance Corporation, a subsidiary of California Federal Bank California Federal Bank, often abbreviated to "Cal Fed", was a savings and loan bank in California. It existed from 1926 until 2002, when its parent company Golden State Bancorp was acquired by Citigroup, resulting in the bank being merged into Citibank. , acquired the 17-employee indirect automobile lending unit from Texas-based Guaranty Federal Bank, effective March 1. "We are taking on Guaranty Federal's highly successful indirect auto lending team and adding their lending relationships with more than 400 auto dealers in Texas and the Midwest," said Dan Leonard, president of Auto One. "We'll not only get the prime lending business they bring in going forward, but the opportunity to market our subprime auto financing programs to this group of dealers." The new division will be relocated to Auto One's Dallas headquarters. "This is in keeping with our strategy to grow our automobile finance business by acquisition," Leonard added, "and furthers our parent company's efforts to diversify its sources of income." Auto One collaborates with car dealers to offer primarily subprime financing in Texas, the Southeast, the Northeast, the Midwest and (with its recent acquisition of Downey Auto Finance Corp. from Downey Savings and Loan Association savings and loan association, type of financial institution that was originally created to accept savings from private investors and to provide home mortgage services for the public. The first U.S. savings and loan association was founded in 1831. ) the West. Auto One's parent, California Federal Bank, FSB (FrontSide Bus) See system bus. FSB - front side bus , the second-largest depository institution Depository institution A financial institution that obtains its funds mainly through deposits from the public. This includes commercial banks, savings and loan associations, savings banks and credit unions. headquartered in California, has approximately $57 billion in assets, 349 branches in California and Nevada, and $23 billion in deposits. Cal Fed is a subsidiary of Golden State Bancorp Inc. (NYSE NYSE See: New York Stock Exchange :GSB GSB Graduate School of Business (Stanford) GSB Graduate School of Business (Chicago) GSB Government of the Student Body (Iowa State University, Ames, IA) ). For more information on Auto One, Cal Fed and Golden State, see our web sites at www.autoone.com, www.calfed.com and www.goldenstatebancorp.com. |
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