Money Store
Encyclopedia
The Money Store was a consumer finance
company that was based in Union, New Jersey, but with most of its corporate employees in Sacramento, California
. It specialized in sub-prime home equity loans, and also was a large Small Business Administration
lender. First Union Corp. of Charlotte, N.C., paid $2.1 billion for the lender in June 1998. First Union closed the company two years later, at a loss of $1.7 billion, as a result of a shakeout in the sub-prime market. However, the student loan division, Educaid, and the SBA loan division were retained by First Union.
Alan Turtletaub founded The Money Store in 1967. He was succeeded as president by his 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" ad) was a longtime advertising pitchman for the company. He was then followed by Jim Palmer
, another Hall of Famer.
In 2006, the Money Store name was purchased from Wachovia Corp. (formerly First Union) by a mortgage lender based in Florham Park, NJ, but the current company is not related to the former company. A payday loan company called 877PayDayNow.com also seems to be using the name.
Consumer finance
Alternative financial services in the United States refers to a particular type of financial service, namely sub-prime lending by non-bank financial institutions. This branch of the financial services industry is more extensive in the United States than in some other countries, because the major...
company that was based in Union, New Jersey, but with most of its corporate employees in Sacramento, California
Sacramento, California
Sacramento is the capital city of the U.S. state of California and the county seat of Sacramento County. It is located at the confluence of the Sacramento River and the American River in the northern portion of California's expansive Central Valley. With a population of 466,488 at the 2010 census,...
. It specialized in sub-prime home equity loans, and also was a large Small Business Administration
Small Business Administration
The Small Business Administration is a United States government agency that provides support to entrepreneurs and small businesses. The mission of the Small Business Administration is "to maintain and strengthen the nation's economy by enabling the establishment and viability of small businesses...
lender. First Union Corp. of Charlotte, N.C., paid $2.1 billion for the lender in June 1998. First Union closed the company two years later, at a loss of $1.7 billion, as a result of a shakeout in the sub-prime market. However, the student loan division, Educaid, and the SBA loan division were retained by First Union.
Alan Turtletaub founded The Money Store in 1967. He was succeeded as president by his 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
Phil Rizzuto
Philip Francis Rizzuto , nicknamed "The Scooter", was an American Major League Baseball shortstop. He spent his entire 13-year baseball career for the New York Yankees...
(with his "holy cow" ad) was a longtime advertising pitchman for the company. He was then followed by Jim Palmer
Jim Palmer
James Alvin "Jim" Palmer , nicknamed "Cakes", is a former Major League Baseball right-handed pitcher. He played his entire 20-year baseball career for the Baltimore Orioles . He was elected to the Baseball Hall of Fame in .As of 2008, Palmer and his wife Susan have homes in Palm Beach, Florida, and...
, another Hall of Famer.
In 2006, the Money Store name was purchased from Wachovia Corp. (formerly First Union) by a mortgage lender based in Florham Park, NJ, but the current company is not related to the former company. A payday loan company called 877PayDayNow.com also seems to be using the name.