(NYSE: KMPR) announced today that its subsidiary, Fireside Bank, completed the sale of $283 million of previously charged-off loans in its non-active loan portfolio in a private transaction on March 9, 2012. Including the net proceeds of this transaction, remaining wind-down costs and existing capital, Fireside Bank now expects to return at least $20 million, an increase of $5 million, to Kemper upon completion of its wind-down process, which should be substantially completed by the end of the second quarter of 2012.
Kemper is a diversified insurance holding company with subsidiaries that principally provide life, health, auto, homeowners, renters and other insurance products to the individual and small business markets. Kemper serves its customers through a network of independent agents, brokers and career agents, as well as directly to consumers via direct mail, web, employer-sponsored employee benefit programs and other affinity relationships.
Additional information about Kemper is available by visiting kemper.com.
Caution Regarding Forward-Looking Statements
This press release may contain or incorporate by reference information that includes or is based on forward-looking statements within the meaning of the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give expectations or forecasts of future events, and can be identified by the fact that they relate to future actions, performance or results rather than strictly to historical or current facts.
Any or all forward-looking statements may turn out to be wrong, and, accordingly, readers are cautioned not to place undue reliance on such statements, which speak only as of the date of this press release. Forward-looking statements involve a number of risks and uncertainties that are difficult to predict, and are not guarantees of future performance. Among the general factors that could cause actual results to differ materially from estimated results are those listed in periodic reports filed by Kemper with the Securities and Exchange Commission (the "SEC"). No assurances can be given that the results contemplated in any forward-looking statements will be achieved or will be achieved in any particular timetable. Kemper assumes no obligation to publicly correct or update any forward-looking statements as a result of events or developments subsequent to the date of this press release. The reader is advised, however, to consult any further disclosures Kemper makes on related subjects in its filings with the SEC.