Ford Finance Subsidiary Applies To Convert to Thrift Charter

Associates First Capital Corp., a subsidiary of Ford Motor Corp., has joined the growing list of companies seeking a federal thrift charter.

Last week Associates First asked the Office of Thrift Supervision for permission to convert its Utah-based industrial loan company to a federal savings bank.

The industrial loan company has assets of $98 million and is used primarily as a consumer finance operation. The converted institution would be named Associates Capital Bank.

Associates First said it wants to switch charters to take advantage of broader branching and deposit-taking powers permitted to federal thrifts.

The thrift would have three branches, according to documents filed with the OTS, including a home office in Wilmington, Del., and locations in Salt Lake City and St. George, Utah.

Ford has announced that it plans to spin off to shareholders its majority stake in Associates First, which also provides commercial finance, home equity, and personal loans.

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