The Money Store
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| Industry | Consumer finance |
|---|---|
| Headquarters | Florham Park, New Jersey |
| Services | Mortgage Lending |
| Owner | Morton Dear |
| Parent | MLD Mortgage, INC |
The Money Store is a 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 closed the company two years later, at a loss of $1.7 billion, as a result of a shakeout in the sub-prime market.[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]
