MINNEAPOLIS, Sept. 10 /PRNewswire/ -- Arcadia Financial Ltd. (NYSE: AAC)
announced today it has renewed its $150 million warehouse facility with Credit
Suisse First Boston. This one-year facility, established in 1998, will be
available for use in financing the daily purchases of automobile loans prior
to securitization.
When combined with the $400 million facility with Bank of America and J.P.
Morgan, which was renewed in July of 1999, and the $150 million facility with
Chase Securities Inc., this facility brings total warehouse capacity for the
company to $700 million.
Richard A. Greenawalt, Arcadia's chief executive officer commented, "We
are pleased to renew this warehouse facility with Credit Suisse First Boston.
This facility, along with the $600 million securitization transaction just
recently completed, maintains Arcadia's liquidity position to fund future loan
purchases."
Arcadia Financial Ltd. is a Minneapolis-based consumer financial services
company specializing in purchasing, selling and servicing retail installment
contracts for new and used automobiles originated in 45 states. The company,
founded in 1990, is the nation's largest independent provider of automobile
financing. Its 18 Regional Buying Centers are located in Arizona; northern
and southern California; Colorado; Florida; Georgia; Maryland; Massachusetts;
Minnesota; Missouri; New York; North Carolina; Ohio; Tennessee; north, south
and west Texas; and Washington.
SOURCE Arcadia Financial Ltd.
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CONTACT:
Scott R. Fjellman, Vice President, Investor
Relations of Arcadia Financial Ltd., 612-944-4582
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