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Wells Fargo Adds $30 Million to Westlake Facility

June 17, 2009

DES MOINES, Iowa — Wells Fargo Preferred Capital has increased its lending commitment to Westlake Financial Services from $120 million to $150 million. As a subsidiary of Wells Fargo & Co., Wells Fargo Preferred Capital is the lead agent with three other banks in Westlake’s $240 million total credit facility.

"Wells Fargo Preferred Capital’s commitment enables us to continue to grow as a full-spectrum lender despite the challenges today’s economy presents," said Ian Anderson, Westlake's president.

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. The lender is also an affiliate of the Hankey Group of Companies, for which Wells Fargo has provided financial products and services 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."

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