Wells Fargo increases World Acceptance Corporation’s Commitments to $124 million
October 7, 2010
GREENVILLE,SC – October 7, 2010 – Wells Fargo Preferred Capital, a subsidiary ofWells Fargo & Company (NYSE: WFC), has committed an additional $75million credit facility to World Acceptance Corporation. This facilityis in addition to the $49 million Wells Fargo Preferred Capital extendsas part of a revolving credit bank group facility and elevatesPreferred Capital as the leading credit provider to World AcceptanceCorporation.
Wells Fargo Preferred Capital is a specialized lender that providessenior-secured credit facilities – or lines of credit – and othercomprehensive capital products to meet the financing needs of consumerand auto finance companies. More information about Preferred Capital isavailable at www.wfpreferredcapital.com.
World Acceptance Corporation isheadquartered in Greenville, South Carolina, and is one of the largestsmall-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 servicesto individuals who have limited access to other sources of consumercredit.
“This facility significantly expands the Wells Fargo relationshipwith World Acceptance Corporation,” said Tom Murphy, president of WellsFargo Preferred Capital. “World Acceptance Corporation is arelationship-oriented organization that values its people as acompetitive advantage.”
“We are pleased that our relationship with Wells Fargo PreferredCapital continues to expand. They have been flexible in helping usestablish an advantageous capital structure enabling us to enhanceshareholder returns,” adds Sandy McLean, chairman and chief executiveofficer of World Acceptance Corporation.
About Wells Fargo
Wells Fargo & Company(NYSE: WFC) is a nationwide, diversified, community-based financialservices company with $1.2 trillion in assets. Founded in 1852 andheadquartered in San Francisco, Wells Fargo provides banking,insurance, investments, mortgage, and consumer and commercial financethrough more than 10,000 banking stores, 12,000 ATMs, the Internet(wellsfargo.com and wachovia.com), and other distribution channelsacross North America and internationally. With more than 278,000 teammembers, Wells Fargo serves one in three households in America. WellsFargo & Company was ranked #19 on Fortune’s 2009 rankings ofAmerica’s largest corporations. Wells Fargo’s vision is to satisfy allour customers’ financial needs and help them succeed financially.
