FirstPlus Financial Group Inc. has acquired all of the Texas-based assets of Regional Management Corp., including 20 branch offices and a $6.4 million consumer loan portfolio. The purchase price was not disclosed.
Regional Management, a Greenville, S.C.-based originator of small consumer finance loans, has had operations in Texas for four years.Regional Management had 16,490 Texas-based consumer finance accounts on Feb. 28.
The acquisition increases the number of FirstPlus consumer finance branches in the state to 53. All of these branches, including those acquired from Regional Management, are managed by FirstPlus' Texas-based subsidiary, Covington Credit of Texas.
FirstPlus said it would keep all 63 of Regional Management's Texas-based employees. FirstPlus also said it had hired consumer finance veteran Steve Lewis as senior vice president, Texas B and C lending.
Mr. Lewis has spend more than 30 years in the industry and has held management positions with NationsCredit Home Equity Services and Associates First Capital. Mr. Lewis will be responsible for all B and C operations in Texas.