First Acceptance's pricey financing for California buy

Auto insurer First Acceptance Corp. on Wednesday completed its acquisition of more than 80 stores marketing nonstandard policies in California from Nationwide Insurance. The Green Hills-based company (Ticker: FAC) paid $34.5 million in cash for the stores, $30 million of which came from an affiliate of its 53 percent shareholder, Gerald Ford, in the form of a loan. From the looks of the 10-year loan, Ford is a pretty good negotiator: First Acceptance is paying 8 percent interest.

Jul 2, 2015 9:08 AM

PwC lifts two locals to partner

Duo has been with firm since 2011 and 2002, respectively
Jul 1, 2015 12:58 PM

Top Reads: Your first-half favorites in finance

Pinnacle purchases, people moves dominate this top 10 list
Jul 1, 2015 6:50 AM

CapStar recruits health care heavy hitter

Former Medifax-EDI, Meridian CEO had been leading Chattanooga company
Jun 29, 2015 2:15 PM

Medaxion raises $1.3M

Anesthesia practice software company has raised more than $4M since '12
Jun 26, 2015 1:45 PM

Pharos takes control of PT venture in NY

Private equity firm sees roll-up opportunities beyond Big Apple
Jun 26, 2015 7:16 AM

Franklin credit union named in NY AG case against Indiana company

Southeast Financial Credit Union has become ensnared in the New York attorney general's case against an Indianapolis company that sells study guides. AG Eric Schneiderman is accusing The College Network of using false and deceptive business practices.

The suit alleges that The College Network charged consumers approximately $500 for each study guide and required prospective students to purchase upfront guides for every course they would need to earn their degree from Excelsior. In many cases, the total cost of the network’s program exceeded $10,000, which forced most consumers to accept the financing offered by The College Network. In addition, in many cases, the network did not disclose that the loans were being provided by Southeast Financial Credit Union.

A spokesman for the Franklin-based credit union, which has about $450 million in assets and last year posted a net loss of $3.1 million, says the institution shouldn't be a co-defendant in the case against The College Network. Read more here.

Jun 25, 2015 12:51 PM

Pinnacle adds to Memphis team

Bank expect to wrap up Magna acquisition late this year
Jun 24, 2015 2:45 PM

Middle Tennessee Girl Scouts ask Supreme Court to hear appeal in pension dispute

Lawyers for local Scouts file petition for writ of certioari
Jun 24, 2015 2:22 PM

Churchill Mortgage sets up in San Diego

Brentwood-based Churchill Mortgage has doubled its California footprint with the opening of a branch in San Diego. The lender also plans to add another location in Los Angeles County soon. The San Diego office is Churchill’s 25th overall and will be led by Joe Detmer, a former regional sales manager for U.S. Bank Home Mortgage and chairman of the San Diego Community Housing Corp.’s board.

Churchill first set up shop in California last year with an office in Orange. That location now is home to more than 10 people and is recruiting for various roles with an eye to opening a second Los Angeles County branch.

Jun 24, 2015 11:32 AM