First money ended up being launched by John R. Payne, whom became mixed up in pawnshop company after offering a Dallas bank he owned in 1979.

First money ended up being launched by John R. Payne, whom became mixed up in pawnshop company after offering a Dallas bank he owned in 1979.

He traded some Colorado home for the pawnshop in Dallas and operated it together with wife, Edith, until 1985 if they offered it and built two more modern-looking shops in Fort Worth. In July 1988 he included First money Inc. so that you can introduce a string of pawnshops. For the reason that month that is same Cash finished its very first purchase, purchasing two pawnshops from L.G.’s Pawn Shop, Inc. for $100,000. In January 1989 First money invested $500,000 to get more operations from L.G.’s. To operate the string Payne hired Phillip «Rick» Powell, the business’s present president and ceo. Like Payne, Powell had experience with the banking industry. Before arriving at First money he’d been the president of First Savings Bank in Arlington.

First Cash spent the total amount of 1992 digesting its acquisitions that are recent.

It absolutely was a time that is good the pawnshop industry, that has been prospering during a challenging duration for the country’s economy.

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