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AMERICAN GENERAL FINANCE TO ACQUIRE PROVIDENT FINANCIAL CORPORATION

AMERICAN GENERAL FINANCE TO ACQUIRE PROVIDENT FINANCIAL CORPORATION
 EVANSVILLE, Ind., Aug. 12 /PRNewswire/ -- American General Finance today announced it has entered into an agreement to acquire Provident Financial Corporation, a subsidiary of South Carolina National Corporation. Provident has 71 branches in North Carolina, South Carolina and Virginia. The purchase includes $110 million of assets including consumer and real estate loans and retail sales financing.
 Daniel Leitch III, president and CEO of American General Finance, said, "The 71 Provident offices will increase our strong market presence in the Southeastern United States. We are pleased with the opportunities this purchase affords us." Provident, whose headquarters are in Columbia, S.C., will become a wholly-owned subsidiary of American General Finance.
 American General Finance is a financial services holding company headquartered in Evansville, Ind. With assets of $6.8 billion, it will operate more than 1,200 branch offices in 41 states, Puerto Rico and the Virgin Islands. The company serves more than 2 million customers. Services offered include consumer and home equity loans; retail sales financing; life, health, and property insurance; and VISA and MasterCard.
 American General Finance is a subsidiary of American General Corporation (NYSE: AGC), one of the nation's largest consumer financial services organizations with assets of $38 billion and shareholder's equity of $4.5 billion. Headquartered in Houston, it is a leading provider of retirement annuities, consumer loans, and life insurance.
 -0- 8/12/92
 /CONTACT: Philip M. Hanley, chief financial officer of American General Finance, Inc., 812-468-5420/
 (AGC) CO: American General Finance; Provident Financial Corporation ST: Indiana, South Carolina IN: FIN SU: TNM


BM -- CL007 -- 9350 08/12/92 11:25 EDT arrangement that provides very valuable consumer protection and information services that we are proud to contribute to...it's a socially conscious and socially responsible business we can relate to."
 Stein said the company has been rating service providers for a few months. For the past two years, he and his staff have included PRI and other researchers in the development of CONSUMER VALUESTAR.
 "That research and my own experience studying how consumers use information have shown me that customer satisfaction ratings are intuitively logical. Also, I've found a symbol is the easiest form of communication for people to understand, easier than language itself. That's an added benefit for the Bay Area's burgeoning second language populations," Stein said.
 He expects 1,000 service providers to try to qualify for the symbol by next June.
 If Bay Area residents would like more information on CONSUMER VALUESTAR, Stein said they should call 800-310-6661.
 -0- 8/12/92
 /CONTACT: Faith Kramer of ValueStar, 510-814-7070 (days), or 510-339-3712 (evenings)/ CO: ValueStar ST: California IN: SU:


RM -- SF001 -- 9350 08/12/92 11:01 EDT
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Aug 12, 1992
Words:452
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