In its latest effort to rebound from last year's credit quality problems, the Atlanta subprime lender Altiva Financial Corp. has signed a nonbinding letter of intent to buy Money Centre, a subprime lender in Charlotte, N.C.

Terms and price of the deal for the privately held company are still under negotiation, but Altiva's chief financial officer, J. Richard Walker, said he expects to reach a definitive agreement by Friday and to conclude the purchase by June 30.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.