AmeriCredit Acquires Rancho Vista Mortgage Corp.
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ORANGE — Rancho Vista Mortgage Corp., which originates and acquires higher-risk home loans in 17 states, has been acquired by Fort Worth-based auto finance company AmeriCredit Corp. for 400,000 shares of common stock.
The deal is worth about $7.9 million, based on AmeriCredit’s closing price Monday on the New York Stock Exchange.
Rancho Vista, which has 61 employees and six loan offices, originated loans valued at $19.6 million for the third quarter ended Sept 30. It will operate as a wholly owned, separate subsidiary of AmeriCredit. Douglas McCracken will continue to serve as chief executive officer of Rancho Vista.
“We think that the home equity business has the same characteristics as the auto finance business,” said Daniel Berce, AmeriCredit vice chairman and chief financial officer. AmeriCredit has 62 auto finance branches in 26 states.
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