Pacific & Western Bank of Canada (TSX:PWB) and Rifco Inc. (TSXV:RFC) are
pleased to announce that Rifco National Auto Finance (“Rifco”) has
received a purchase facility renewal from the Bank for $30M. This
replaces a previously authorized $20M facility which had been 100%
utilized.
The facility limit increase will accommodate new loan origination growth
for Rifco. Previously purchased loans are not included in the
utilization calculation for the new facility.
“We are pleased to have increased the purchase facility for Rifco
National Auto Finance. Under this facility, the Bank will continue to
purchase approved loan receivables from Rifco, a valued, long term
partner. This increased facility translates into additional growth for
the Bank’s Bulk Lease & Loan Purchase Program.” said David Taylor,
President & CEO of the Bank.
About Rifco
Rifco Inc. operates through its wholly owned subsidiary Rifco National
Auto Finance Corporation to provide automobile loans through its
dealership network across Canada.
Rifco provides consumers with financing options on new and used
vehicles. Rifco specializes in building long-term partnerships with
dealers by investing time in personalized services through dedicated
account representatives. Rifco’s quick credit decisions, common sense
lending, and expedited funding processes give its dealers better
financing options and more closed deals. Rifco’s most successful
partnerships result in “Fast Forward 500 Club” status for its loyal
dealerships.
The common shares of Rifco Inc. are traded on the TSX Venture Exchange
under the symbol "RFC".
About Pacific & Western Bank of Canada
The Bank, a Canadian Schedule I chartered bank, operates using a
“branchless model”. It raises deposits through a network of deposit
brokers located across Canada and invests these deposits in consumer and
commercial loans and leases, as well as residential development and
commercial mortgages.
Headquartered in London, Ontario, the Bank was granted its Schedule I
license under the Bank Act (Canada) on August 1, 2002, prior to which
the Bank had operated as a provincially licensed trust company since
1979.
Pacific & Western Bank of Canada’s Common Shares trade on Toronto Stock
Exchange under the symbol “PWB”.
Copyright Business Wire 2014