Contact Information: Contact: Resource America, Inc. www.resourceamerica.com pkamdar@resourceamerica.com
LEAF Financial Corporation Closes New $75 Million Credit Facility
| Source: Resource America, Inc.
PHILADELPHIA, PA--(Marketwire - February 11, 2009) - LEAF Financial Corporation, the commercial
finance subsidiary of Resource America, Inc. (NASDAQ : REXI ), announced
today that it has entered into a new, three-year revolving $75 million
credit facility with Wells Fargo Foothill, part of Wells Fargo & Company
(NYSE : WFC ). This facility will support the activities of its public
limited partnership, LEAF Equipment Finance Fund 4, L.P. (LEAF 4)
Crit DeMent, Chairman and Chief Executive Officer of LEAF, stated, "We are
very pleased to enter into this relationship with Wells Fargo Foothill.
They are an extremely professional organization with a long-term commitment
to our industry. The addition of this line will position us to better
execute on our business model for LEAF 4."
LEAF is a commercial finance and equipment leasing company with
approximately $1.6 billion in assets under management as of December 31,
2008.
Wells Fargo Foothill is a leading provider of senior secured financing to
middle-market companies across the United States and Canada, offering
flexible, innovative credit facilities from $10 million to $1 billion and
more. It is part of Wells Fargo & Company, a diversified financial
services company with $1.3 trillion in assets, providing banking,
insurance, investments, mortgage and consumer finance through more than
11,000 stores, over 12,000 ATMs and the Internet (wellsfargo.com) across
North America and internationally. Wells Fargo Bank, N.A. has the highest
credit rating currently given to U.S. banks by Moody's Investors Service,
"Aa1," and Standard & Poor's Ratings Services, "AA+." For more information,
visit Wells Fargo Foothill on the Internet at www.wellsfargofoothill.com
Resource America, Inc. is a specialized asset management company that uses
industry specific expertise to generate and administer investment
opportunities for its own account and for outside investors in the
commercial finance, real estate and financial fund management sectors. For
more information please visit our website at www.resourceamerica.com or
contact pkamdar@resourceamerica.com.
Certain matters discussed within this press release are forward-looking
statements within the meaning of the Private Securities Litigation Reform
Act of 1995. Although Resource America, Inc. believes the expectations
reflected in such forward-looking statements are based on reasonable
assumptions, it can give no assurance that its expectations will be
attained. Factors that could cause actual results to differ materially
from expectations include financial performance, regulatory changes,
changes in local or national economic conditions and other risks detailed
from time to time in the Company's reports filed with the SEC, including
quarterly reports on Form 10Q, reports on Form 8-K and annual reports on
Form 10-K.