Des Moines, Iowa (October 7, 2010) – Wells Fargo Preferred Capital, a subsidiary of Wells Fargo & Company (NYSE: WFC), has committed an additional $75 million credit facility to World Acceptance Corporation. This facility is in addition to the $49 million Wells Fargo Preferred Capital extends as part of a revolving credit bank group facility and elevates Preferred Capital as the leading credit provider to World Acceptance Corporation.
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. More information about Preferred Capital is available at www.wfpreferredcapital.com.
World Acceptance Corporation. (www.worldacceptance.com) is headquartered in Greenville, South Carolina, and is one of the largest small-loan consumer finance companies in the United States and Mexico. The company offers short-term small loans, medium-term larger loans, related credit insurance products, and ancillary products and services to individuals who have limited access to other sources of consumer credit.
"This facility significantly expands the Wells Fargo relationship with World Acceptance Corporation,” said Tom Murphy, president of Wells Fargo Preferred Capital. “World Acceptance Corporation is a relationship-oriented organization that values its people as a competitive advantage.”
“We are pleased that our relationship with Wells Fargo Preferred Capital continues to expand. They have been flexible in helping us establish an advantageous capital structure enabling us to enhance shareholder returns,” adds Sandy McLean, chairman and chief executive officer of World Acceptance Corporation.
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.