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Associates First Capital Corp

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BUSINESS
August 12, 1998
* Associates First Capital Corp., the largest independent consumer lender in the U.S., agreed to buy Textron Inc.'s Avco Financial Services unit for $3.9 billion in cash. * * Delta Air Lines Inc. backed away from a 4% increase in leisure fares, the last carrier to buckle as an attempt by U.S. airlines to raise prices failed.
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BUSINESS
December 1, 2000
* U.S. bank regulators cleared Citigroup Inc.'s planned purchase of finance company Associates First Capital Corp. The Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. both signed off on the deal, which will marry the No. 1 U.S. financial services conglomerate with the nation's largest publicly traded finance company.
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BUSINESS
May 28, 1999
Associates First Capital Corp. said it has agreed to purchase a $130-million private-label credit card portfolio from BP Amoco for an undisclosed sum. Irving, Texas-based Associates, the biggest publicly traded U.S. finance company, will add 1.2 million active credit card accounts that belonged to London-based British Petroleum before it bought Amoco Corp. in December.
BUSINESS
September 7, 2000 | From Reuters
Citigroup Inc., the No. 1 U.S. financial services company, said Wednesday it will buy Associates First Capital Corp., the biggest U.S. finance company, for $31.1 billion in stock to boost its consumer lending business. The purchase of Dallas-based Associates, the former consumer finance arm of auto maker Ford Motor Co., marks Citigroup's largest deal since its formation in 1998 and expands its international reach as well as its large credit card and commercial finance operations.
BUSINESS
January 16, 1997 | Times Staff and Wire Reports
Associates First Capital Corp., a finance company owned by Ford Motor Co., said it is in talks to acquire Texaco Inc.'s credit card services business, which has more than $700 million in receivables. Texaco's credit card unit has 9 million accounts, the company said. Associates First declined to say how much it would pay to acquire the oil company's unit. Recently, the Dallas-based company has been busy acquiring bank card accounts. Last week, Associates First announced an agreement to buy J.C.
BUSINESS
February 10, 1996 | Times Staff and Wire Reports
Ford Unit Files for IPO: A Ford Motor Co. finance unit filed with the Securities and Exchange Commission to sell as much as 19.8% of its shares to the public in a first-time stock offering. The unit, called Associates First Capital Corp., said in the filing that it would sell at least $100 million of Class A shares, but the amount could go higher than $1 billion, based on other figures provided in the filing.
BUSINESS
October 9, 1997 | Associated Press
Detroit-based Ford Motor Co. said it will spin off its 80% interest in Associates First Capital Corp. by distributing its 279 million shares of stock in the company to Ford shareholders. Ford Chairman Alex Trotman said the move is part of Ford's effort to focus on the automotive business. Associates is one of the biggest players in the market for home mortgages and home-equity loans and is among the largest publicly held finance companies in the nation.
BUSINESS
September 1, 1998 | Bloomberg News
Associates First Capital Corp., America's largest consumer finance company, said it will buy the insurance business of privately held Northland Co. Dallas-based Associates will pay almost $700 million for the company, or about twice book value, a source familiar with the transaction said. Terms were not disclosed. The unit of Mendota Heights, Minn.-based Northland sells trucking and other commercial property-casualty insurance through independent agents.
BUSINESS
May 11, 1999 | From Associated Press
Associates First Capital Corp., one of the nation's largest home-equity lenders, has agreed to settle two lawsuits by implementing a new mortgage policy that will lower annual interest rates for clients who make monthly payments on time. The company, also known as the Associates, agreed to the move after meeting with Boston-based Neighborhood Assistance Corp. of America, which helps low-income people buy homes.
BUSINESS
April 12, 2000 | From Bloomberg News
PanAmSat Corp., the largest commercial-satellite operator, said its first-quarter profit soared by 86% to $56.6 million, or 38 cents a share, well beyond the 19 cents analysts were expecting, as it sold more video, Internet and data services. The results sent shares in Greenwich, Conn.-based PanAmSat up $4.31, or 10%, to close at $49.75, on Nasdaq. PanAmSat, which is 81%-owned by General Motors Corp.'s Hughes Electronics unit, said revenue climbed 55% to $299.1 million.
BUSINESS
May 28, 1999
Associates First Capital Corp. said it has agreed to purchase a $130-million private-label credit card portfolio from BP Amoco for an undisclosed sum. Irving, Texas-based Associates, the biggest publicly traded U.S. finance company, will add 1.2 million active credit card accounts that belonged to London-based British Petroleum before it bought Amoco Corp. in December.
BUSINESS
May 11, 1999 | From Associated Press
Associates First Capital Corp., one of the nation's largest home-equity lenders, has agreed to settle two lawsuits by implementing a new mortgage policy that will lower annual interest rates for clients who make monthly payments on time. The company, also known as the Associates, agreed to the move after meeting with Boston-based Neighborhood Assistance Corp. of America, which helps low-income people buy homes.
BUSINESS
January 8, 1999 | LESLIE EARNEST, TIMES STAFF WRITER
Consumer finance giant Avco Financial Services, which has been acquired by a Texas-based rival, will close its headquarters in Costa Mesa, eliminating most of the 200 jobs there as part of a major consolidation, its new parent said Thursday. The move by Dallas-based Associates First Capital Corp. will deal Orange County a double blow, eliminating jobs and a high-profile corporation whose presence for three decades has helped business recruiters attract other companies to the county.
BUSINESS
January 8, 1999 | LESLIE EARNEST, TIMES STAFF WRITER
Consumer finance giant Avco Financial Services, which has been acquired by a Texas-based rival, will close its headquarters in Costa Mesa, eliminating most of the 200 jobs there as part of a major consolidation, its new parent said Thursday. The move by Dallas-based Associates First Capital Corp. will deal Orange County a double blow, eliminating jobs and a high-profile corporation whose presence for nearly three decades has helped business recruiters attract other companies to the county.
BUSINESS
September 1, 1998 | Bloomberg News
Associates First Capital Corp., America's largest consumer finance company, said it will buy the insurance business of privately held Northland Co. Dallas-based Associates will pay almost $700 million for the company, or about twice book value, a source familiar with the transaction said. Terms were not disclosed. The unit of Mendota Heights, Minn.-based Northland sells trucking and other commercial property-casualty insurance through independent agents.
BUSINESS
August 13, 1998 | JOHN O'DELL, TIMES STAFF WRITER
It's too soon to tell officially, but the world headquarters of Avco Financial Services in Costa Mesa is probably headed for a shake-up in the aftermath of its acquisition by rival consumer finance giant Associates First Capital Corp. A merger of the two companies' headquarters into Associates' offices in Texas is not out of the question.
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