Personal finance company Springleaf Holdings Inc. recently announced it will be moving forward with its purchase of OneMain Financial Holdings LLC after reaching a settlement with the Department of Justice, as well as the Attorneys General of seven states.  

The company shared the details of the settlement have been filed with the U.S. District Court, Washington, D.C., and approval of a stipulated asset preservation order is required prior to closing the deal.

The company said it anticipated approval will come through shortly, and the closing will proceed immediately after.

Springleaf management said that with the new combined company — which will be renamed OneMain Holdings Inc. upon the closing of the acquisition — it expects to generate core net income of $830 million to $900 million, or $6.20 to $6.70 per share in 2017.

Here are the terms of the agreement with the DOJ and the state Attorneys General:

First, Springleaf will sell 127 branches in 11 states to Lendmark Financial Services of Covington, Ga.

These branches make up 6 percent of the company’s branches and $608 million, or 4 percent, of the company’s receivables. The sale to Lendmark is expected to close April 1.

Jay Levine, president and chief executive officer of Springleaf, said, "The transformational combination of Springleaf and OneMain will create the premier personal finance business in the United States, with branches across 43 states and 2.4 million customers.

“This will be a company that we believe is financially strong, committed to responsible lending and positioned for future growth. In addition, we share similar cultures and values, including excellence in customer service and a deep commitment to the local communities that we serve. We look forward to welcoming OneMain's talented team members to the Springleaf family, and to creating even greater value for all stakeholders,” he continued.

The combined company will be led by Levine, with the executive management team including leaders from both Springleaf and OneMain.

The combined company will tout nearly 1,850 branches in 43 states, after the sale of the branches to Lendmark.

SubPrime Auto Finance News is honoring Scott Phillips, vice president of credit risk and business process at Lendmark Financial Services, today at the Re3 Conference in Scottsdale, Ariz. Phillips will receive the Re3 Automotive Executive of the Year award, presented by CARS.