For Immediate Release

MidCountry Financial Corp. Agrees to Sell Assets of Pioneer Financial Services

Greenville SC (07-03-19) MidCountry Financial Corp. (MCFC) announced today that it entered into a Definitive Agreement to sell the finance receivables portfolio held by its wholly-owned subsidiary Pioneer Financial Services, Inc. (PFSI) to Pioneer Asset Trust (PAT), an affiliate of Fortress Investment Group LLC.  The announced transaction is a part of MCFC’s continued evaluation and implementation of strategic initiatives designed to provide shareholder liquidity.

The sale of the finance receivables portfolio is subject to standard closing conditions, as well as approval by the holders of a majority of the issued and outstanding shares of MCFC common stock.  The transaction is expected to close during the third calendar quarter of 2019.
















 

* MidCountry Financial Corp. does not have an ownership interest in, nor is it an affiliate of, MidCountry Bank, Bloomington, Minnesota