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CENTEX FINANCIAL SERVICES LLC history
CENTEX FINANCIAL SERVICES LLC company history timeline
A young entrepreneur, Lively had "left his home town of Whitewrite, Texas, in 1937, and for years had scraped along selling clothing and hardware and 'a little of this and that' before settling on real estate."
In 1949 they undertook their first major project, a large subdivision of 300 houses that sole for $6,500 each.
The success of the subdivision led to the 1950 formation of the Centex Construction Company.
Centex Citizens received its original charter in 1954 as Mexia State School Credit Union to serve the employees of Mexia State School.
In 1969 Centex went public, selling 500,000 shares of common stock.
Centex executives started cutting back there and expanding elsewhere before the economic bust set in, but not nearly fast enough." Per-share profits subsequently fell 59 percent, from $3.44 for the fiscal year ending March 1981 to $1.41 the following fiscal year.
The oil-and-gas subsidiary Cenergy, for example, was spun off as a separate company in 1984; this divestment more firmly planted Centex in the construction business.
A crash in Texas construction followed the plummet in oil prices in 1986 and the subsequent failure of a number of Texas savings and loans.
By fiscal 1992, CTX Mortgage Co. had cleared $2.5 billion in home loans.
Contracts for 1992 included Veterans Administration medical centers in Detroit and Indianapolis; hospital expansions in San Diego and Miami; a wastewater treatment plant in Hot Springs, Arkansas; and even a Wal-Mart store in Paducah, Kentucky.
By late 1992, with a slow recovery in the works, housing interest rates dropped to new lows and sales began to take flight. "Wall Street has started to appreciate home builders as manufacturers of a basic consumer product," a securities analyst told Builder.
In 1992 a new community charter was granted to the credit union which allowed us to serve essentially anyone who lived or worked in Limestone County, as well as parts of Freestone, Hill and Navarro Counties.
In 1995 the company purchased Vista Properties Inc., a $115 million acquisition that provided 3,500 acres of land in seven states to Centex for residential, commercial, and industrial development.
Centex diversified into two new industries in 1996: pest control, with the purchase of Environmental Safety Systems, and security systems, with the purchase of portions of Advanced Protection Systems.
In 1998 it purchased Wayne Homes, a construction company that specialized in building on buyer-owned land.
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CENTEX FINANCIAL SERVICES LLC may also be known as or be related to CENTEX FINANCIAL SERVICES LLC, Centex Financial Services and Centex Financial Services LLC.