In Brief: Dallas Subprime Lender Has Ohio Deal

FirstPlus Financial Corp. has executed a definitive agreement to acquire Modern Finance Co. in a tax-free exchange of stock.

FirstPlus, a fast-growing subprime lender, would issue common stock in exchange for all of the outstanding shares of Modern Finance.

The transaction would be accounted for as a pooling of interests.

Modern Finance, based in Columbus, Ohio, is an originator of small consumer finance loans, retail installment contracts, and second-lien equity loans.

As of Dec. 31, 1996, Modern Finance had assets of $27.3 million.

The company's net earnings from continuing operations in 1996 totaled $738,000. Modern Finance operates from seven branches in central Ohio and has a processing center at its home office.

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