Wells Fargo Preferred Capital adds $30 million to Credit Facility

Westlake Financial Services of Los Angeles now has a $150 million revolving credit line through Wells Fargo to provide customers auto financing.

Des Moines, Iowa, June 12, 2009

Wells Fargo Preferred Capital has increased its lending commitment to Westlake Financial Services from $120 million to $150 million. Wells Fargo Preferred Capital is the lead agent with three other banks of Westlake's $240 million total credit facility.

Westlake Financial Services is one of the largest independently owned auto finance companies in the U.S. The 20-year-old company serves more than 5,500 new and independent auto dealers in 38 states.

Westlake is an affiliate of the Hankey Group of Companies. Wells Fargo 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."

Wells Fargo & Company is a diversified financial services company with $1.3 trillion in assets, providing banking, insurance, investments, mortgage and consumer finance through more than 10,400 stores, over 12,000 ATMs and the internet (wellsfargo.com) across North America and internationally.