The Money Store is a U.S. residential mortgage lending brand owned by MLD Mortgage Inc., a consumer finance company that is based in Florham Park, New Jersey with offices nationwide.
Video The Money Store (company)
History
Founded in 1967 as The Money Store, Inc by Alan Turtletaub, the bank began to flourish with the influence of retired Army First Lieutenant Anthony R. Medici (who would retire in 1996 as Chairman of the Board of The Money Store), whose identification of sub-prime mortgage products as an emerging industry growth area would solidify The Money Store's position in this new segment and fuel explosive expansion for the next three decades. The company was based in Union, New Jersey, but after a major revamping and consolidation effort saw most of its corporate employees transferred to the newly-built headquarters at The Ziggurat building in West Sacramento, California between 1996 and 1997. It specialized in sub-prime home equity loans, and also was a large Small Business Administration lender. Alan was succeeded as president by this son, Marc Turtletaub. In 1991, the company went public, and in 1997 was listed on the New York Stock Exchange. Baseball Hall of Famer Phil Rizzuto (with his "holy cow" ads) was a longtime advertising pitchman for the company. He was then followed by Jim Palmer, another Hall of Famer. Several commercials also featured his wife Joni Palmer.
The company was sold to First Union Corp. of Charlotte, N.C., for $2.1 billion in June 1998. First Union, preparing for the Wachovia merger, split "The Money Store" into four divisions and dumped all of First Union's bad home equity loans into The Money Store's home equity division and took it off its company books two years later, at a loss of $1.7 billion. First Union then transferred the remaining divisions to its subsidiary Wachovia along with 13 billion in shares. However, the student loan division, Educaid, and the SBA loan division were retained by First Union.
In 2006, Wachovia (formerly First Union) sold The Money Store name to MLD Mortgage, Inc. There's no direct connection to the old West Sacramento-based company, but a veteran executive of the old company operates it. Morton Dear, chief financial officer of original The Money Store, is the founder and chairman of the new incarnation.
Maps The Money Store (company)
References
External links
- Official website
Source of article : Wikipedia
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