The Money Store (company)
| Company type | Private |
|---|---|
| Industry | Mortgage lending, Consumer finance |
| Founded | 1967 |
| Founder | Alan Turtletaub |
| Headquarters | Florham Park , United States |
Area served | United States |
Key people | Morton Dear (Chairman) |
| Owner | MLD Mortgage, Inc. |
The Money Store represents a residential mortgage lending brand in the United States, owned by MLD Mortgage, Inc., a consumer finance enterprise headquartered in Florham Park, New Jersey with branches across the country.
History
The origins of the company date back to 1967 when Alan Turtletaub operated mortgage lending businesses in New Jersey and Pennsylvania. The trademark "The Money Store" was registered in 1972 to market these ventures. Located in Union, New Jersey, the firm focused primarily on home equity loans and was recognized as a prominent Small Business Administration lender. Advertising campaigns featured Baseball Hall of Famers Phil Rizzuto and subsequently Jim Palmer as spokespersons.
Leadership passed to Alan’s son, Marc Turtletaub, who became president. The company went public in 1991 and achieved listing on the New York Stock Exchange by 1997. After corporate restructuring, most administrative personnel relocated to the headquarters at The Ziggurat in West Sacramento, California between 1996 and 1997.
In June 1998, First Union Corp. acquired the company for $2.1 billion. First Union divided The Money Store into four units, took on its troubled home equity loan portfolio, and recorded a $1.7 billion loss provision two years later when shutting down operations. Nevertheless, the student loan branch Educaid and the SBA loan division continued under First Union’s ownership.
By 2006, Wachovia (the successor to First Union) sold the rights to The Money Store name to MLD Mortgage, Inc. Although this new entity is unrelated to the original West Sacramento operation, Morton Dear—who served as CFO for the initial company—founded and currently chairs this new version.
Notable people
- Marcus Gaither (1961–2020), American-French professional basketball player
- Jim Palmer (born 1945), Baseball Hall of Fame pitcher for the Baltimore Orioles and spokesperson for The Money Store from 1992 to 1995
- Phil Rizzuto (1917–2007), Hall of Fame shortstop for the New York Yankees and advertising figure for The Money Store
- Alan Turtletaub (1913–2005), founder of The Money Store
- Marc Turtletaub (born 1946), former CEO of The Money Store and film producer