Could this aquisition have anything to do with the drop ? Is this a good move for CPSS ?
ÿ Consumer Portfolio Services, Inc. Files for Approval to Acquire Savings Institution
June 9, 1998 10:51 PM EDT
IRVINE, Calif.--(BUSINESS WIRE)--June 9, 1998--Consumer Portfolio Services, Inc. (NASDAQ:CPSS) announced today that it has filed an application with the federal Office of Thrift Supervision ("OTS"), seeking approval of its proposed acquisition of Standard Pacific Savings, F.A. ("SP Savings").
SP Savings is a wholly-owned subsidiary of Costa Mesa, Calif.-based Standard Pacific Corp. (NYSE:SPF).
Consumer Portfolio Services and Standard Pacific have signed a non-binding letter of intent regarding the possible acquisition of SP Savings by Consumer Portfolio Services.
No definitive agreement has been reached. The proposed purchase and sale is contingent on execution of a definitive agreement, upon regulatory approval, and upon such other conditions as may be included in the definitive agreement.
There can be no assurance that Consumer Portfolio Services and Standard Pacific will be able to reach a definitive agreement regarding the proposed transaction, nor that the OTS will approve the transaction.
Consumer Portfolio Services, Inc. purchases, sells and services retail installment sales contracts originated primarily by franchised dealers for new and late model used cars. Consumer Portfolio Services purchases contracts from approximately 3,600 dealers across the United States.
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