PNC Bank agreed to buy the $10 billion mortgage-servicing portfolio of Associates Corporation from Ford.
The Associates Corporation of North America yesterday priced $300 million in notes, due in 1997, through underwriters led by Salomon Brothers.
Bond prices rose as the Associates Corporation of North America sold $4.8 billion of debt, one of the largest offerings.
Canada, and the Associates Corporation of North America priced a combined $1.5 billion in new debt yesterday.
Some $900 million of assets is to be sold to the Associates Corporation of North America, a subsidiary of Ford Motor, under another signed agreement.
Associates Corporation of North America offered $300 million of five-year notes through underwriters led by Kidder, Peabody & Company.
Mr. Overcash had been chief executive of the Associates Corporation, an international business and consumer lender, since 1978.
The Associates Corporation will be led for the time being by Keith Hughes, the company's president and chief operating officer.
Among the new corporate issues offered yesterday was $200 million of five-year notes by the Associates Corporation of North America.
Ford's other big acquisition in the financial services field, the Associates Corporation, has been quite successful.