EVANSVILLE, Ind. -

Springleaf Holdings acknowledged when the company reported its second-quarter financial performance on Thursday that its proposed acquisition of OneMain Financial that’s being put together in part to expand its subprime auto financing business won’t culminate until after Labor Day, at the earliest.

Officials said they have a timing agreement with the Department of Justice whereby Springleaf and OneMain agreed not to consummate the proposed acquisition prior to Sept. 10. Springleaf explained the agreement is in place in order to provide the DOJ with a “sufficient opportunity” to complete its review of the proposed acquisition from an antitrust perspective.

In addition, Springleaf noted that it also has been contacted by state attorney general's offices, which may seek to coordinate their antitrust review of the proposed acquisition with the DOJ.

The developments all stem from Springleaf announcing back on March 2 that it would acquire OneMain from Citigroup for $4.25 billion in an all-cash transaction. At closing, the combined company is expected to have 1,967 branches across 43 states.

But then 20 days later, DOJ notified Springleaf it would be reviewing the proposed acquisition from an antitrust perspective.

Furthermore on April 28, the DOJ also issued a civil investigative demand (CID) to both Springleaf and OneMain. The voluntary request for information and the CID sought documentary materials and information regarding the proposed acquisition and the marketplace in which both parties operate.

“We have responded to the DOJ's request,” Springleaf officials said.

Then on June 5, Springleaf, OneMain and the Department of Justice entered into the timing agreement.

“The review of the proposed acquisition of OneMain from an antitrust perspective has not yet been completed,” Springleaf officials said. “The DOJ and certain state attorneys general have expressed to Springleaf potential concerns with respect to the proposed acquisition.

“Springleaf expects to constructively engage with the DOJ and the states in an attempt to resolve any potential concerns,” they continued. “These discussions could result in a delay in the consummation of the proposed acquisition beyond the third quarter.”

When Springleaf hosted its quarterly conference call with investment analysts on Thursday, Springleaf president and chief executive officer Jay Levine addressed the latest acquisition development several times.

“We look forward to continuing to provide our views on the landscape for a highly fragmented and highly competitive industry and our goal remains to close as promptly as possible,” Levine said.

“Of course, we don’t control the regulatory review process or the timing or the results, and we plan to continue to work to achieve a constructive outcome here,” he continued according to a call transcript posted by SeekingAlpha.com.

Wall Street observers also wondered what’s drawing the interest from state-level officials.

“I can’t comment specifically on what any individual one is looking at, and I think their process continues to be ongoing,” Levine said. “So it’s difficult to know the exactly, but I’d say there is similar things what DOJ is looking at.”

Then analysts questioned whether the proposed acquisition will need to be modified to satisfy regulators.

“It’s premature to go there, around anything other than closing the deal,” Levine said. “What I’d say is what we’ve said in the very beginning that this is a large highly fragmented market. There is 100 million plus target customers combined.”

 “We look forward to continuing to work with both the DOJ and the states to resolve whatever questions they have,” he added.