Des Moines, Iowa (September 24, 2010) – Wells Fargo Preferred Capital, a subsidiary of Wells Fargo & Company (NYSE: WFC), has provided a revolving credit facility to Carolina Finance, LLC.
Wells Fargo Preferred Capital is a specialized lender that provides senior-secured credit facilities – or lines of credit – and other comprehensive capital products to meet the financing needs of consumer and auto finance companies.
Carolina Finance, an affiliate of Harvey Enterprises, Inc., is a non-prime lender to franchise and independent auto dealerships, headquartered in Greensboro, NC, serving the North Carolina and Virginia markets. In addition to the non-prime automobile lending products, Carolina Finance also provides direct consumer lending and credit insurance products for their customers and dealers.
“We have tracked the accomplishments of Carolina Finance over the past several years and are proud to provide the capital for their continued success,” said Tom Murphy, president, Wells Fargo Preferred Capital.
“As one of the Harvey Family companies, Carolina Finance, LLC is pleased to continue the 50 plus years banking relationship with Wachovia, Wells Fargo, and now Wells Fargo Preferred Capital. This credit facility allows the opportunity for a mutually beneficial relationship for many years,” added Ed Cooper, senior vice president, secretary and treasurer of Carolina Financial, LLC.
More information about Preferred Capital is available at www.wfpreferredcapital.com.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.2 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 10,000 banking stores, 12,000 ATMs, the Internet (wellsfargo.com and wachovia.com), and other distribution channels across North America and internationally. With more than 278,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked #19 on Fortune's 2009 rankings of America's largest corporations. Wells Fargo's vision is to satisfy all our customers' financial needs and help them succeed financially.