Unitrin Announces the Sale of Fireside Bank's Active Loan Portfolio

Unitrin, Inc. UTR announced today that its subsidiary, Fireside Bank, has signed a definitive agreement with a subsidiary of Consumer Portfolio Services, Inc., to sell its active loan portfolio. Unitrin anticipates that the transaction will close in the third quarter of 2011, subject to regulatory approvals and the satisfaction of other customary closing conditions. Terms of the transaction were not disclosed. Fireside Bank will service the active loan portfolio for a short transitional period following the closing. Fireside Bank will retain its non-active loan portfolio, which is in run-off and contains approximately $475 million of previously charged-off loans as of July 31, 2011.