CLEARWATER, Fla. — Nicholas Financial Inc. announced that it has increased the size of its bank credit line from $140 million to $150 million and has extended the maturity date to Nov. 30, 2013. All other terms and conditions of the credit line remain in effect, according to the specialty consumer finance company.
"We are extremely pleased that our consortium of bank lenders has agreed to increase our credit line and extend the maturity date,” said Peter L. Vosotas, chairman and CEO. “The credit line increase will allow us to continue our expansion strategy during the next few years.”
Nicholas Financial Inc. currently operates out of 57 branch locations in both the Southeast and the Midwest states.
“The company is very proud to continue its lending relationship with Bank of America, which began in March of 1993 and also includes Wells Fargo Preferred Capital, Capital One Bank, First Horizon Bank, and Bank of Montreal as participating banks," Vosotas said.