LEAF Financial Corporation Announces That it Has Secured a $150 Million Syndicated Loan Facility 9/22/2006
PHILADELPHIA, PA – September 22, 2006 – LEAF Financial Corporation, a wholly owned subsidiary of Resource America Inc. (NASDAQ:REXI) announces that it has closed a $150 million syndicated loan facility with a consortium of six banks. National City Bank is the agent and the participating banks include Wachovia Bank, Commerce Bank, Sovereign Bank, LaSalle Bank and HSH Nordbank. The financial commitment of these banks to LEAF shows that the transaction was well received in the market. LEAF will use the facility to continue to support its efforts to further expand and diversify its business capabilities.
Miles Herman, President and COO of LEAF Financial Corporation stated, “By expanding our relationship with this syndicate of lenders, we continue to strengthen the foundation upon which we are building our business. As a full service commercial finance company LEAF strives to provide creative and flexible solutions for our customers. This line gives tremendous support and capabilities towards this goal.”
About LEAF Financial Corporation
LEAF Financial Corporation is a commercial leasing company headquartered in Philadelphia, PA. LEAF's business model is to originate small ticket equipment leases by reaching the small to mid sized business market by forming strategic marketing alliances and other program relationships with equipment vendors, commercial banks and other financial institutions. After origination, LEAF manages the leases for its own account, institutions, and individual investors through investment partnerships and other investment vehicles.
About national city
National City Corporation (NYSE: NCC), headquartered in Cleveland, Ohio, is one of the nation's largest financial holding companies. The company operates through an extensive banking network primarily in Ohio, Illinois, Indiana, Kentucky, Michigan, Missouri and Pennsylvania, and also serves customers in selected markets nationally. Its core businesses include commercial and retail banking, mortgage financing and servicing, and consumer finance and asset management. www.nationalcity.com. return to the news
Contact: Michelle Speranza, Marketing Manager, 267-402-4529
