American General Financial Inc. has agreed to pay $1.5 billion for a “substantial portion” of the consumer branch loans issued by Equity One.
American General Finance, Evansville, Ind., is part of American International Group Inc., New York. It has $27 billion in assets and about 1,550 offices.
Equity One, a unit of Popular Inc., San Juan, Puerto Rico, makes loans secured by real estate, home improvement loans and unsecured loans.
American General Finance and Popular say they hope to close on the deal early this year.