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RICA TO ACQUIRE ALLIED FINANCE COMPANY FROM WINTERTHUR GROUP

 DALLAS, Feb. 11 /PRNewswire/ -- Associates Corporation of North America announced today it has entered into an agreement in principle to acquire Allied Finance Co., Inc., a unit of Republic Financial Services, a wholly owned subsidiary of Switzerland-based The Winterthur Group.
 Terms of the agreement were not disclosed. The sale is subject to a definitive agreement between the companies and corporate and regulatory approvals. The Associates is part of the Financial Services Group of Ford Motor Company.
 Allied Finance is a consumer finance company, based in Dallas, with assets of approximately $165 million, it operates 70 offices in Texas, Tennessee, Louisiana, Mississippi and Alabama. It makes residential real estate-secured and direct personal loans, and purchases installment sales contracts from retailers.
 "Allied Finance is a well-respected company in our industry. We are delighted with the prospect of our two companies joining together. This acquisition will be a significant addition to our consumer finance network, particularly in Texas," said Reece A. Overcash Jr., chairman and chief executive officer of The Associates.
 Allied, founded in 1940, has 36 branches in Texas. The Associates intends to retain the current management of Allied. Gary Moore is the president and treasurer of Allied.
 The Associates, based in Dallas, is the nation's second largest independent finance company. With assets of approximately $24 billion, it provides consumer financial services, commercial finance and leasing, and insurance through more than 1,100 offices in the United States. The Associates also manages finance and insurance affiliates in the United Kingdom, Japan, Canada and Puerto Rico.
 -0- 2/11/93
 /CONTACT: Fredrick H. Stern, Associates Corporation of North America, 214-541-4042/


CO: Associates Corporation of North America; Allied Finance Co., Inc. ST: Texas IN: SU: TNM

TS -- NY020 -- 5569 02/11/93 09:41 EST
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Publication:PR Newswire
Date:Feb 11, 1993
Words:291
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