Fidelity National Exits Small-Ticket Leasing;
DeVry University Center Debuts in Park Place
Fidelity National Financial Inc., said that it will discontinue the origination of small-ticket leases by FNF Capital, its leasing subsidiary. The company will take a one-time, after-tax charge of about $8 million in the fourth quarter to cover costs associated with the discontinued business.
FNF Capital will continue to service leases already in the portfolio.
William P. Foley II, Fidelity National’s chief executive and chairman, said, “We have decided that it is in our best interest to focus our efforts on our title insurance and real estate related services.
“While the small-ticket leasing operation does provide some level of revenue diversification, it also requires significant management focus that can be better utilized in continuing to strengthen our core real estate business,” he said.
DeVry University Center, which allows working adults to earn bachelor’s and master’s degrees in business and technology, has opened its first California center in the Prudential Tower at Park Place in Irvine.
The business park location was chosen to be convenient to professionals working full-time, said Janice Orcutt, director of the center.
The first undergraduate degree program offered at the campus is in business administration. A bachelor’s program in information technology will begin this month, Orcutt said.
The 9,500-square-foot facility caters to working professionals with a flexible schedule as well as both online and traditional classroom options.
,Yoko Ito-Peterson
