Springleaf plans to move its headquarters from Evansville to Connecticut once the company’s acquisition of OneMain Financial is complete.
Springleaf announced its plans to purchase Citigroup subsidiary OneMain Financial for $4.25 billion.
OneMain is based in Baltimore and has more than 1,100 branch offices nationwide. Springleaf has more than 800 branches, and is headquartered in Evansville.
A news release from Springleaf says the combined company will be run from the company’s office in Connecticut, but will maintain a significant presence in both Evansville and Baltimore.
The acquisition will also result in a name change. The combined company plans to switch to the OneMain brand beginning in mid-2016.
The release also says about 200 branches will be consolidated.The transaction has been approved by the boards of directors of both companies, and the deal is expected to close later this year.Springleaf was established in Evansville in 1920, when it was knows as Interstate Finance. The company later operated as American General, and in 2011 changed its name to Springleaf.