Printer Friendly

CORESTATES ANNOUNCES DEFINITIVE AGREEMENT FOR SALE OF SIGNAL FINANCIAL CORPORATION

 CORESTATES ANNOUNCES DEFINITIVE AGREEMENT
 FOR SALE OF SIGNAL FINANCIAL CORPORATION
 PHILADELPHIA, April 15 /PRNewswire/ -- CoreStates Financial Corp (NASDAQ: CSFN) and Associates Corporation of North America today announced the signing of a definitive agreement to purchase the assets of CoreStates' subsidiary, Signal Financial Corporation, which include approximately $300 million in receivables.
 The transaction is subject to regulatory and other approvals. Closing is anticipated sometime in May. The transaction price was not disclosed.
 Pittsburgh-based Signal Financial Corporation provides consumer finance services in eight states. The company has been owned by CoreStates since 1973. In December 1991, CoreStates invited bids for the sale of its Signal subsidiary, considered peripheral to CoreStates' core consumer strategy.
 CoreStates Financial Corp is a Philadelphia-based, multi-bank holding company with $21.6 billion in assets, marketing diversified financial services in the middle-Atlantic states and selected products and services worldwide.
 The Associates is the nation's second largest independent finance company and provides consumer finance, specialized commercial finance and leasing, and insurance. Part of the Financial Services Group of Ford Motor Company, it has assets of approximately $21 billion and manages financial assets of about $2.5 billion for Ford subsidiaries in the United Kingdom, Japan and Canada.
 /delval/
 -0- 4/15/92
 /CONTACT: Linda Stryker or Gary Brooten of CoreStates, 215-973-3546, or Fred Stern of Associates, 214-541-4042/
 (CSFN) CO: CoreStates Financial Corp; Associates Corporation of North America;
 Signal Financial Corporation ST: Pennsylvania IN: FIN SU:


MK -- PH009 -- 8541 04/15/92 09:36 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 15, 1992
Words:244
Previous Article:CHEROKEE ANNOUNCES THIRD QUARTER RESULTS
Next Article:MEAD REPORTS IMPROVED FIRST QUARTER RESULTS


Related Articles
THE ASSOCIATES SIGNS DEFINITIVE AGREEMENT FOR PURCHASE OF SIGNAL FINANCIAL CORPORATION
CORESTATES COMPLETES SALE OF SIGNAL FINANCIAL CORPORATION ASSETS TO THE ASSOCIATES
FIRST PEOPLES' SHAREHOLDERS APPROVE MERGER WITH CORESTATES
FOUR LEADING REGIONAL BANKS TO FORM JOINT VENTURE IN ELECTRONIC PAYMENT SERVICES
BANCO POPULAR DE PUERTO RICO TO ACQUIRE VIRGIN ISLANDS BRANCHES OF CORESTATES FIRST PENNSYLVANIA BANK
CORESTATES ACQUIRES FIRST PEOPLES
CORESTATES ENTERS INTO AGREEMENT TO ACQUIRE RITTENHOUSE FINANCIAL SERVICES, INC.
CORESTATES BANK, N.A. SELLS VIRGIN ISLANDS BRANCHES
CORESTATES ANNOUNCES AGREEMENTS FOR SALE OF ITS BOND ISSUER SERVICES BUSINESS
CheckFree and CoreStates Announce Agreement to Provide Electronic Bill Payment Remittance Option

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters