NationsBank Takes Control of Fleetwood in Cash Deal
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NationsBank said Thursday it has completed its previously announced acquisition of Fleetwood Credit Corp., the recreational vehicle financing subsidiary of Associates First Capital Corp.
Terms of the all-cash deal have not been disclosed.
Fleetwood Credit, headquartered in Yorba Linda, is expected to retain its name and to be operated as a separate unit of the NationsBank Distribution Finance and Specialty Lending division unit, based in Alpharetta, Ga.
The acquisition of Fleetwood Credit creates an industry giant with more than $2 billion in assets and a 25% share of the RV financing market. The company provides recreational vehicle financing through the Fleetwood Credit and Associates RV brands for more than 1,150 recreational vehicle dealers and 62,000 RV owners.
The company has 165 employees and nine regional sales centers, in San Francisco, Los Angeles, Portland, Dallas, Kansas City, Indianapolis, Philadelphia, Atlanta and Tampa.
Fleetwood Credit was formed as a subsidiary of Corona-based RV manufacturer Fleetwood Enterprises Inc. and was sold to Associates First Capital in 1996.
NationsBank, is part of the new Bank of America, formed through the Sept. 30, 1998 merger of BankAmerica Corp. and NationsBank Corp.
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