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Covingtons Lendmark Financial Services to acquire 127 branches
Transaction will give Lendmark 321 branches and more than 330,000 customers in 20 state
landmark

Lendmark Financial Services, LLC, based at 2118 Usher Street in Covington, has reached an agreement to acquire 127 branch offices and related loan assets from Springleaf Financial.

The move will extend Lendmark’s presence into Arizona, Colorado, Idaho, Ohio, Texas, Washington and California, while also expanding its presence in a number of the 13 states it already operates in.

With the acquisition Lendmark is set to become a leader in the consumer finance industry.

“Since Lendmark started in 1996, we've built the company by employing both organic and acquisition growth strategies. This acquisition will expand our customer base and allow us to broaden our commitment to providing quality lending products and personal customer service to our customers and retail partners,” said Bobby Aiken, Lendmark CEO.

“Lendmark strives every day to be the lender, employer, and partner of choice.”

In order to best support the new geographic footprint, Lendmark plans to create various centralized facilities and operations centers that will enable the company to effectively and efficiently serve branches, customers and merchants.

Completion of the transaction is subject to satisfaction of a number of customary closing conditions, including approval of the state licensing authorities in the states where the acquired branches are located. The parties have agreed that Lendmark's acquisition of the branches can be completed through multiple closings as the various state approvals are received. It is expected that the initial closing will occur in the spring of 2016. Barclays and Stephens acted as financial advisors to Lendmark in this transaction and fully committed financing is provided by Barclays and Goldman Sachs.

The Covington-based financial institution was founded in 1996, and offers personal loans, automobile loans, debt consolidation loans and merchant retail sales financing services.

“Landmark has been great partners with the city of Covington,” Covington Mayor Ronnie Johnston said. “We’re very, very happy about their success and continued growth. We’re a willing and able partner, and we wish them the best.”