Truist Financial is selling $5.5 billion in auto loans from the subsidiary.
A combined 253 employees in Pitt County will lose their jobs.
An automotive financing group headquartered in Greenville, North Carolina that is a subsidiary of Truist Financial Corp. (NYSE: TFC) is laying off hundreds of workers in eastern North Carolina and nationwide as the Charlotte-based financial institution exits near-prime auto lending.
Regional Acceptance Corp., which was founded in 1978, submitted two Worker Adjustment and Retraining Notification (WARN) Act filings to the North Carolina Department of Commerce this week indicating it will permanently close its facilities at 1424 E. Fire Tower Road in Greenville and 266 Beacon Drive in Winterville by the end of July 2027 and February 2027, respectively. As a result, a combined 253 employees at the facilities in Pitt County will be let go.
Representatives of Regional Acceptance Corp. did not immediately respond to requests seeking comment.
The layoffs come after Truist said it has entered into an agreement to sell $5.5 billion of auto loans, representing substantially all assets of Regional Acceptance Corp. Closing of the sale is anticipated in late Q3 or early Q4. Truist, in an SEC filing, said the move “sharpens strategic focus”, “strengthens balance sheet”, “improves credit risk profile” and “enhances shareholder value.”
Bloomberg reported Apollo Global Management (NYSE: APO) is the buyer.
“The facility closure is being undertaken in connection with the sale of certain assets of RAC,” according to the WARN filings with N.C. Commerce. “Following the completion of the transaction, RAC will cease operations” at the Greenville and Winterville facilities.
The reverberations of this sale are being felt beyond Pitt County. The Dallas Business Journal reported that more than 200 workers are losing their jobs in Arlington due to the Truist sale.
Read more on CBJ’s website.
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