Wells Fargo Increases Capital Commitment to Westlake Financial
DES MOINES, Iowa – June 16, 2009 – Wells Fargo Preferred Capital announced it has increased its lending commitment to Westlake Financial Services from $120 million to $150 million. Wells Fargo Preferred Capital, a subsidiary of Wells Fargo & Co., is the lead agent of Westlake’s $240 million total credit facility with three other banks. Westlake is an affiliate of the Hankey Group of Companies, and Wells Fargo indicated it has provided financial products and services to the Hankey organization for more than 20 years. “This increase expands Wells Fargo’s relationship with the Hankey Group of Companies and enables Westlake Financial to help even more consumers buy vehicles,” said Tom Murphy, president of Wells Fargo Preferred Capital. “We believe in the long-term prospects of the consumer and auto finance industry, which relies on companies like Westlake to serve its customers.” Ian Anderson, president of Westlake, added: “Wells Fargo Preferred Capital’s commitment enables us to continue to grow as a full-spectrum lender despite the challenges today’s economy presents.” To learn more about Westlake Financial, including markets served and financing products available, visit www.westlakefinancial.com.