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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
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Date of Report: February 5, 1997
TFC ENTERPRISES, INC.
(Exact name of Registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation or organization)
1-11121 54-1306895
(Commission File Number) (I.R.S. Employer Identification No.)
5425 Robin Hood Road, Suite 101B
Norfolk, Virginia 23513
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (757) 858-1400
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ITEM 5. OTHER EVENTS
A press release announcing the signing of a commitment letter between
Hibernia National Bank's Commercial Finance Unit and First Community
Finance; a wholly owned subsidiary of TFC Enterprises, Inc., for a new
credit facility--exhibit 99
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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 hereunto duly authorized.
TFC ENTERPRISES, INC.
By: DAVID W. KARSTEN
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David W. Karsten
VP, Treasurer, and CFO
Date: February 5, 1997
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EXHIBIT INDEX
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EXHIBIT NO. DESCRIPTION OF EXHIBIT SEQUENTIAL PAGE NO.
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99. Press release dated February 4, 1997 6
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EXHIBIT 99
CONTACT: DAVID W. KARSTEN TFC ENTERPRISES, INC.
757-858-4054 NEWS RELEASE
*FOR IMMEDIATE RELEASE*
TFC ENTERPRISES ANNOUNCES PROGRESS ON NEW CREDIT FACILITY
NORFOLK, VA, February 4, 1997 /PRNewswire/ -- TFC Enterprises, Inc.
(NASDAQ: TFCE) today announced that its subsidiary First Community Finance
(FCF) had executed a commitment letter with Hibernia National Bank's
Commercial Finance Unit for a new credit facility to fund FCF's expanding
consumer finance business. Under the terms of the commitment, the bank would
provide a $15 million credit line for three years. This new facility would
represent the first direct external financing for FCF since the company began
operations in 1995.
"We are extremely pleased with the progress toward this new credit
line" said Robert S. Raley, Chairman and CEO of TFC Enterprises. He added that
"this new facility will provide the funding that gives FCF the opportunity to
achieve its business plan and will also free up capital for redeployment to
other operations of the Company."
TFC Enterprises, Inc., through its wholly-owned subsidiary The Finance
Company specializes in purchasing and servicing installment sales contracts
originated by automobile and motorcycle dealers. Through First Community
Finance, Inc., TFC Enterprises, Inc. is
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involved in the direct origination and servicing of small consumer loans. Based
in Norfolk, VA, TFC Enterprises, Inc., has offices of The Finance Company in
Dallas, TX; Jacksonville, FL; and San Diego, CA, in addition to Norfolk; and
offices of First Community Finance throughout Virginia and North Carolina.
Although the Company has executed the commitment letter with Hibernia,
given the uncertainties associated with the negotiations still to occur, it
cannot offer any assurance that it will be able to enter into a definitive loan
agreement on terms consistent with the commitment letter.
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