The Money Store (company)

The Money Store
Industry Mortgage
Founded 1967
Headquarters Florham Park, New Jersey, United States
Products Mortgage loan, Mortgage, Home Loan
Services Mortgage Lending
Owner Morton Dear
Parent MLD Mortgage, Inc.
Website TheMoneyStore.com

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.[1]

History

Originally founded in 1967 as The Money Store, Inc by Alan Turtletaub. The company was based in Union, New Jersey but most of its corporate employees were based in West Sacramento, California. 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" ad) was a longtime advertising pitchman for the company. He was then followed by Jim Palmer, another Hall of Famer.[2] Four known 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 4 divisions and Dumped all 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, and then transferred it Wachovia along With 13 billion in Shares.[2][3] However, the student loan division, Educaid, and the SBA loan division were retained by First Union.[4]

In 2006, The Money Store name was purchased from Wachovia Corp. (formerly First Union) by 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.[1]

References

  1. 1 2 "New Jersey firm revives "The Money Store" name". January 8, 2006. Retrieved 2015-09-15.
  2. 1 2 Anderson, Mark (February 9, 2001). "Legacy of The Money Store". Sacramento Business Journal. Retrieved 2010-06-09. (archived copy)
  3. ↑ "APPLICATION BY FIRST UNION NATIONAL BANK TO ACQUIRE "THE MONEY STORE", INC." (PDF). Conditional Approval. Comptroller of the Currency Administrator of National Banks. June 29, 1998. Retrieved 2015-09-15.
  4. ↑ Anderson, Mark (June 30, 2000). "Down in flâme". Sacramento Business Journal. Retrieved 2010-06-09.
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