FIRSTPLUS FINANCIAL GROUP, INC. Acquires ABC Credit Corp.DALLAS--(BUSINESS WIRE)--March 24, 1998--FIRSTPLUS FINANCIAL GROUP, INC. (NYSE NYSE See: New York Stock Exchange : FP) today announced that it had purchased, for cash, substantially all of the assets of ABC ABC in full American Broadcasting Co. Major U.S. television network. It began when the expanding national radio network NBC split into the separate Red and Blue networks in 1928. Credit Corp. Under the terms of the definitive agreement, which was signed today, FIRSTPLUS acquired ABC's nine branches and its consumer loan portfolio. The purchase price was not disclosed. ABC Credit Corp., an indirect subsidiary of Area Bancshares Corporation, is an Owensboro, Kentucky-based originator of personal loans, dealer sales finance and real estate loans. Established in April 1994, ABC Credit has assets of approximately $12.5 million and 4,500 accounts. The acquisition will increase the number of FIRSTPLUS consumer finance branches to 150 and gives the Company a consumer lending presence in seven states. "This is an important acquisition for FIRSTPLUS because it represents our entrance into the state of Kentucky," said Chuck Owens, President of FIRSTPLUS Consumer Finance. "It also continues our strategy of growth through strategic acquisitions of successfully managed consumer finance companies." FIRSTPLUS plans to retain all 33 ABC Credit employees and to integrate the branch offices into the FIRSTPLUS Consumer Finance structure. The ABC Credit branches will also begin offering additional FIRSTPLUS products. The above statements in this press release contain forward-looking statements that involve a number of risks and uncertainties. Reference is made to the Form 8-K, filed by the Company with the Securities and Exchange Commission on December 19, 1996, for a list of, and discussion with respect to, certain factors that could cause actual results to differ materially from the forward-looking statements. Area Bancshares Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : AREA) is a multibank holding company Noun 1. multibank holding company - a bank holding company owning several banks bank holding company - a holding company owning or controlling one or more banks headquartered in Owensboro, Kentucky, with 54 banking locations in 23 cities throughout Kentucky. As of December 31, 1997, Area Bancshares had total assets of $1.9 billion. FIRSTPLUS FINANCIAL GROUP, INC. (NYSE: FP) is a specialized consumer finance company that, through its subsidiaries, originates, purchases, services and securitizes consumer finance receivables, primarily home improvement and debt consolidation loans, all secured by liens on the borrower's home. FIRSTPLUS, headquartered in Dallas, has regional offices in Denver, Colorado; Holly Springs, Mississippi Holly Springs is a city in Marshall County, Mississippi, United States. The population was 7,957 at the 2000 census. It is the county seat of Marshall CountyGR6. ; Columbus, Ohio; Columbia, South Carolina Columbia is the state capital and largest city of South Carolina. As of 2006, estimates for the population of the city proper is 122,819[1]. Columbia is the county seat of Richland County, but a small portion of the city extends into Lexington County. ; Mission Viejo, California “Mission Viejo” redirects here. For other uses, see Mission Viejo (disambiguation). Mission Viejo (anglicized pronunciation IPA: /ˈmɪʃənviːˈeɪhoʊ/ ; Salt Lake City, Utah For ships of the United States Navy of the same name, see . Salt Lake City is the capital and the most populous city of the U.S. state of Utah. The name of the city is often shortened to Salt Lake, or its initials, S.L.C. , Tustin, California, and a network of origination branches nationwide. CONTACT: FIRSTPLUS FINANCIAL GROUP, INC. Daniel T. Phillips, Chairman/CEO Eric C. Green, President William P. Benac, CFO See Chief Financial Officer. 214-599-6300 or FIRSTPLUS FINANCIAL, INC. Randy Hicks, Corp. Communications 214-599-7952 or Area Bancshares Corp. Timothy O. Shelburne 502-688-7750 |
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