Wells Fargo Supplies Credit Facility to 1st Franklin
January 05, 2010
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DES MOINES, Iowa — Wells Fargo Preferred Capital, a subsidiary of Wells Fargo & Co., closed out 2009 by providing a large revolving credit facility to 1st Franklin Financial Corp.
The total amount of the facility was $100 million.
"We look forward to many years of a mutually beneficial association with Wells Fargo," said Ben Cheek, chairman and chief executive officer of 1st Franklin, which currently operates 246 branches that make direct cash loans to consumers
Bill Laird, senior vice president of Wells Fargo Preferred Capital, went on to add, "1st Franklin is a well-respected company with great ties to the communities it serves."
Laird also mentioned other ways this agreement with help both companies.
"This $100 million credit facility will provide additional funding to 1st Franklin Financial Corp. for continued growth and expansion of its operations, and it also demonstrates Wells Fargo's commitment to the consumer finance industry," Laird concluded.
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