MINNEAPOLIS, Aug. 1 /PRNewswire/ -- Arcadia Financial Ltd. (NYSE: AAC)
announced today that it has closed on a $273 million warehousing agreement
agented by J.P. Morgan. The warehouse facility is a commercial paper conduit
and will replace the previous $210 million J.P. Morgan facility. This brings
Arcadia's total warehouse capacity to approximately $575 million. This
facility will be used to finance the daily purchase of automobile receivables
prior to securitization.
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 by more than 8,800 dealers
in 42 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:
A. Mark Berlin, Jr., Executive Vice President
of Arcadia Financial, 612-942-9880
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