Fremont Sells Subsidiary.
Fremont Financial provides secured working capital and term loans averaging $2 million to $4 million to mid-sized businesses. Finova provides financial products to small and mid-sized businesses.
For Finova, the acquisition adds mass to its operation, deepens its talent pool and significantly expands its client base, Sam Eichenfield, Finova's chairman and chief executive officer said in a statement. He said he expects Fremont Financial's marketing, credit and operational organization to remain in place since the acquired company's products complement and add to Finova's. He also said he expects the acquisition to be profitable and to boost earnings in 2000.
During the third quarter, Fremont General posted an $85.9 million net loss as it struggled with lower-than-expected reinsurance recoveries for its workers' compensation business.
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|Title Annotation:||Fremont General Corp, Fremont Financial Corp|
|Comment:||Fremont Sells Subsidiary.(Fremont General Corp, Fremont Financial Corp)|
|Article Type:||Brief Article|
|Date:||Jan 1, 2000|
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