Search Financial Renews Hibernia Line of Credit.DALLAS--(BUSINESS WIRE)--Oct. 7, 1997--Search Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. Inc. (SFSI SFSI San Francisco Sex Information ) today announced its subsidiaries' $25 million line of credit from the Commercial Finance Area of Hibernia National Bank For other uses of "Hibernia", see Hibernia (disambiguation). Hibernia National Bank, founded in 1870, was a personal banking and commercial lending institution headquartered in New Orleans, Louisiana. , New Orleans New Orleans (ôr`lēənz –lənz, ôrlēnz`), city (2006 pop. 187,525), coextensive with Orleans parish, SE La., between the Mississippi River and Lake Pontchartrain, 107 mi (172 km) by water from the river mouth; founded , Louisiana has been renewed for a three-year period. The line of credit provides flexibility to be utilized for either nonprime auto finance or direct consumer finance lending. Previously, the line was limited to nonprime auto finance operations. "Search is very pleased to have the renewal and new allocation for non-auto consumer loans under this line of credit. We believe that it also demonstrates Hibernia's satisfaction with Search's performance to date and our diversification into non-auto paper operations. Search has availability for auto paper funding under another line that resulted from our acquisition of MS Financial," said George C. Evans, Search chairman and chief executive officer. Evans noted that Search began diversification into non-auto consumer lending, such as debt consolidation loans, sales finance contracts, and personal loans in November 1996 with its opening of a branch office in Thibodaux, Louisiana. Over the last ten months, Search has opened a total of 21 consumer lending branch offices in seven states and Puerto Rico and has generated $8 million in gross receivables to date. Search Financial Services Inc. is a specialized financial services company engaged in the purchasing, financing, and servicing of nonprime automobile installment loans originated by franchised and independent automobile dealers. Search also engages in direct lending consumer finance operations through its 21 branch offices in seven states and Puerto Rico. Search common shares and its 9%/7% convertible preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. are traded on the NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on National Market under the symbols "SFSI" and "SFSIP", respectively. CONTACT: Search Financial Services Inc. James F. Leary or Robert D. Idzi, 214/965-6000 |
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