Guess who owns a majority interest of Arrow Financial Services?

[DragonFlyer]

http://www.arrow-financial.com/html/News/index.asp#1

 

 

News

 

September 2004

Sallie Mae acquires majority interest in Arrow Financial Services

Transaction marks continued expansion of company's debt management operations

 

RESTON, Va., Sept. 17, 2004—SLM Corp. (NYSE: <a href="http://www.salliemae.com/investor/stock_quote.html">SLM ), commonly known as Sallie Mae, today announced that it has acquired a majority interest in Arrow Financial Services, a full-service accounts receivable management company that purchases charged-off debt, conducts contingency collection work and performs third-party receivables servicing across a number of consumer asset classes.

 

“Arrow Financial brings a wealth of assets to our debt management organization, including experienced management and a highly successful modeling capability,†said Thomas J. (Tim) Fitzpatrick, president and chief operating officer, Sallie Mae. “The acquisition extends our reach in the debt recovery industry and expands the services we can offer our customers.â€

 

The purchase price was not disclosed. The transaction is expected to be immediately accretive to 2004 earnings, and the company expects it to contribute between $.05 and $.07 per diluted share in 2005. Under the terms of the agreement, Sallie Mae has the option to purchase the remaining interest in Arrow Financial Services over a three-year period.

 

“We are proud and excited to be joining the Sallie Mae family,†said Jack Lavin, president and chief executive officer, Arrow Financial. “This relationship will open doors to new customers for our growing business.â€

 

Arrow Financial employs nearly 1,400 individuals at locations in Niles , Ill. , Gaithersburg , Md. , San Diego , Calif. , Whitewater , Wis. , and Rockville Centre , N.Y. The company was founded in 1961 and has been under the continuous ownership and management of the Lavin family. It will retain its brand, successful strategy and senior management team.

[LynnInMN]

This is old news....Sallie Mae own several CA's.

[DragonFlyer]

This is old news....Sallie Mae own several CA's.

 

I know it was printed in 2004, but it's not "old news" if no one knows about it. I didn't realize it and SLM holds three of my student loans.