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First Cash Financial And Cash America Complete Merger, Create FirstCash (NYSE: FCFS)

First Cash Financial And Cash America Complete Merger, Create FirstCash NYSE: FCFS

First Cash Financial Services Inc (NASDAQ: FCFS) disclosed the completion of the merger between First Cash Financial Services, Inc. ("First Cash") and Cash America International Inc (NYSE: CSH). The company indicated that the closing of the all-stock transaction became effective on September 1. The merged stock of FirstCash will trade under the stock symbol "FCFS" in the New York Stock Exchange.

Related Link: Investor Presentation Released On Merger Of First Cash, Cash America

FirstCash indicated that its Board has already approved a plan to hike the annual dividend to $0.19 a share per quarter, or $0.76 per share on an annualized basis, commencing from the fourth quarter of 2016.

CEO and Vice Chairman Rick Wessel commented, "The transaction creates the largest combined retail pawn store operator in Latin America and the United States, with over 2,000 locations across four countries. The merged company provides significant scale and a unified platform for leadership in the pawn industry while keeping the strong local presence and established brands from both companies."

FirstCash said that its Pawn operations would remain the principle focus of the merged entity as 94 percent of the estimated revenue mix comes from pawn-related merchandise sales, as well as, pawn service fees.

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