SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 27,
1997
AMERICAN GENERAL FINANCE CORPORATION
(Exact Name of Registrant as Specified in Charter)
Indiana 1-6155 35-0416090
(State or Other (Commission File (IRS Employer
Jurisdiction of Number) Identification
Incorporation) No.)
601 N.W. Second Street, Evansville, IN 47708
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code:
(812) 424-8031
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Item 5. Other Events.
On June 27, 1997, American General Corporation issued a
News Release announcing that American General Finance
Corporation had sold its credit card portfolio.
Item 7. Financial Statements, Pro Forma Financial
Information and Exhibits.
(c) Exhibits. The following Exhibit is filed as part of
this Report:
Exhibit
Number Description
99 News Release issued by American General
Corporation on June 27, 1997 regarding the
sale of American General Finance
Corporation's credit card portfolio.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this Report to be
signed on its behalf by the undersigned thereunto duly
authorized.
AMERICAN GENERAL FINANCE
CORPORATION
Dated: June 30, 1997 By: /s/ GEORGE W. SCHMIDT
George W. Schmidt
Controller and Assistant
Secretary
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EXHIBIT INDEX
Exhibit
Number Description
99 News Release issued by American General
Corporation on June 27, 1997 regarding the
sale of American General Finance
Corporation's credit card portfolio.
NEWS RELEASE
97-18
[LOGO] CONTACT:
American General Corporation Robert D. Mrlik
P. O. Box 3247 Vice President -
Houston, Texas 77253 Investor Relations
(713) 831-1137
or
John E. Pluhowski
Director - Corporate
Communications
(713) 831-1149
FOR IMMEDIATE RELEASE
AMERICAN GENERAL ANNOUNCES SALE OF CREDIT CARD PORTFOLIO
Houston, June 27, 1997 -- American General Corporation
(NYSE: AGC) today announced that its consumer finance
operation, American General Finance, sold its bank credit
card portfolio to a wholly owned subsidiary of GE Capital
Services.
This transaction completes the company's plan
announced in February 1997 to dispose of certain
non-strategic assets consisting of satellite dish loans and
bank credit card loans. The company announced the sale of
its satellite dish loan portfolio earlier this month.
The credit card loans included in the transaction had
an aggregate book value of $499 million as of May 31, 1997.
In connection with this sale, the company will take a
second quarter after tax charge of approximately $26
million.
American General Finance, based in Evansville,
Indiana, is a leading provider of home equity and consumer
loans. The company ranks among the nation's largest
consumer finance companies with a nationwide network of
1,372 branch offices, 2.4 million customer accounts, and
finance receivables of $7.5 billion.
American General Corporation is one of the nation's
largest diversified financial services organizations with
assets of $75 billion and shareholders' equity of $6.2
billion. Headquartered in Houston, it is a leading provider
of retirement services, life insurance, and consumer loans
to 12 million customers. American General common stock is
listed on the New York, Pacific, London, and Swiss stock
exchanges.
GE Capital Services, with assets of over $227 billion,
is a global, diversified financial services company with 27
specialized businesses. A wholly owned subsidiary of
General Electric Company, GE Capital Services, based in
Stamford, CT, provides equipment management, mid-market and
specialized financing, specialty insurance and a variety of
consumer services, such as car leasing, home mortgages and
credit cards, to businesses and individuals around the
world. GE is a diversified manufacturing, technology and
services company with operations worldwide.
