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Springleaf Financial
Public
Traded as NYSELEAF
Industry Financial Services
Founded 1920
Key people
Jay Levine (President & CEO)
Revenue IncreaseUS$523.8 Million (FY 2011)
DecreaseUS$(52.9 Million) (FY 2011)
Total assets DecreaseUS$17.5 Billion (FY 2011)
Total equity DecreaseUS$1.5 Billion (FY 2011)
Number of employees
8,000
Website Springleaf.com

Springleaf Financial, previously known as American General Finance, is a company whose primary business is consumer lending, credit insurance, and other credit related products. Its corporate headquarters are in Evansville, Indiana, with roughly 800+ branch locations in 26 states.[1] In 2010, the company became an 80% subsidiary of Fortress Investment Group.[2] On October 16, 2013, Springleaf held an IPO on the NYSE under the ticker symbol "LEAF",[3] at which time the company was valued at $1.68B[4]

History[edit]

The company began in 1920 as Interstate Finance Corporation to underwrite the sales of trucks and other vehicles. By 1929 the company had expanded to write credit-related insurance and start providing services outside of the Evansville area. In 1934 expanded across state lines by opening branches in Owensboro, Kentucky and Henderson, Kentucky.

Throughout the next couple of decades the company continued to grow and expand. In 1960 it went public on the Over-The-Counter Market. Three years later, in 1963, it started operating under the names of CrediThrift of America and CreditWay of America, and also began construction on a new headquarters building in Evansville. In 1969 the company was listed on the New York Stock Exchange.

In 1982 the company was acquired by American General Corporation (now known as AIG), and acquired General Finance with 350 branches in 16 states. Five years later, in 1988, the company acquired Manufacturers Hanover Consumer Services, which expanded the company to more than 1,400 branch offices in 40 states, Puerto Rico, and the Virgin Islands. That same year the company began operating under the name of American General Finance. In 2006, with continued growth, the company announced yet another expansion of its Evansville headquarters building and continued acquisitions of other financial services companies.

The 2007–2012 global financial crisis and the 2008–2012 global recession substantially hurt the company's financial performance. As of June 30, 2008, about 83 percent, or $7.7 billion, of its real estate loans were held by subprime borrowers. For 2008, American General Finance reported a loss of $1.3 billion.[5] As a result, over the next two years the company closed over 500 local branches and cut 500 positions, including 140 of their Evansville headquartered employees.[6][7]

In August 2010, Fortress Investment Group acquired 80% of the company and, in 2011, changed its name to Springleaf Financial Services.[5]

In March, 2015, the company entered into an agreement to acquire OneMain Financial from Citigroup.[8]

Services[edit]

Springleaf employs an estimated 4,600 people (about 900 of which are at its Evansville headquarters).[9] Part of its services focuses on originating secured and unsecured consumer loans. This "branch network" segment purchases retail sales finance contracts, and provides revolving retail sales financing services. Through this, the company finances retail sales of consumer goods and services by retail merchants.

References[edit]

  1. ^ https://www.springleaf.com/about-us/careers/
  2. ^ http://phx.corporate-ir.net/phoenix.zhtml?c=205346&p=irol-newsArticle_Print&ID=1501604&highlight
  3. ^ Springleaf Holdings Celebrates IPO on the NYSE, New York Stock Exchange, retrieved February 2, 2014 
  4. ^ Monks, Matthew, Fortress Wins Big in Turnaround of Subprime Lender Springleaf, Bloomberg.com, retrieved February 2, 2014 
  5. ^ a b "American General Finance sold to Fortress Investment Group". Courier & Press. 11 August 2010. Retrieved 15 June 2012. 
  6. ^ Shaw, Dan (12 November 2008). "American General Finance closes S. Green River branch". Courier & Press. Retrieved 15 June 2012. 
  7. ^ Shaw, Dan (6 May 2009). "Evansville's American General Finance cutting over 600 jobs, 150 offices". Indiana Economic Digest. Retrieved 15 June 2012. 
  8. ^ "Springleaf Financial to Acquire OneMain Financial". Springleaf Financial Services. 5 March 2015. Retrieved 17 March 2015. 
  9. ^ loansfast.com

Original courtesy of Wikipedia: http://en.wikipedia.org/wiki/Springleaf_Financial — Please support Wikipedia.
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366 news items

StreetWise Report

StreetWise Report
Thu, 30 Apr 2015 07:36:17 -0700

The firm is selling 19,417,476 shares for gross proceeds of around $1B. The selling stockholder, Springleaf Financial Holdings, LLC, an entity owned primarily by a private equity fund managed by an affiliate of Fortress Investment Group LLC and AIG ...

The Denver Post (blog)

The Denver Post (blog)
Wed, 13 May 2015 16:04:34 -0700

Now there are two — Springleaf Financial and OneMain Financial. Springleaf Holdings announced in March it plans to buy OneMain from Citigroup later this year. OneMain has closed 17 stores in Colorado over the past six years, and Springleaf has closed ...
 
Perry County Tribune (registration)
Tue, 26 May 2015 10:37:30 -0700

Plaintiff Midland Funding LLC, San Diego, Ca., vs defendant Donald Cottrell, Crooksville. Default judgment for plaintiff. Plaintiff Springleaf Financial Services of Ohio Inc., Evansville, In., vs defendant Kelly Boyer, New Lexington. Default judgment ...

Evansville Courier & Press

Techsonian (press release)
Wed, 29 Apr 2015 12:41:15 -0700

The selling shareholder, Springleaf Financial Holdings, LLC (the “Selling Stockholder”), an entity owned mainly by a private equity fund managed by an affiliate of Fortress Investment Group LLC and AIG Capital Corporation, a subsidiary of American ...

Investor Wired

Investor Wired
Wed, 06 May 2015 06:41:15 -0700

The selling stockholder, Springleaf Financial Holdings, LLC (the “Selling Stockholder”), an entity owned primarily by a private equity fund managed by an affiliate of Fortress Investment Group LLC and AIG Capital Corporation, a subsidiary of American ...

Forbes

Business Wire (press release)
Tue, 03 Mar 2015 03:26:15 -0800

EVANSVILLE, Ind.--(BUSINESS WIRE)--Springleaf Holdings, Inc. (NYSE:LEAF), a leading personal finance company providing loan products to customers nationwide, today announced that it has reached a definitive agreement to acquire OneMain Financial ...

The Louisiana Record

The Louisiana Record
Thu, 21 May 2015 11:22:30 -0700

dollars GRETNA – A man is being sued by a financial services company for allegedly failing to repay a personal loan. Springleaf Financial Services of Louisiana Inc. filed suit against Christopher M. Gai Jr. in the 24th Judicial District Court on April ...
 
Business Wire (press release)
Fri, 20 Mar 2015 05:00:00 -0700

Tempe team members will support Springleaf's operations in the Arizona, Mountain, and Pacific Time zones, and provide back-up operations for the company's other service centers. Job listings for all available positions are currently viewable on the ...
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