CINCINNATI, Jun 16, 2003 (BUSINESS WIRE) -- Security National Automotive
Acceptance Corporation (SNAAC), based in Mason, Ohio, has selected U.S. Bank to
agent a line of credit of up to $100 million. U.S. Bank, who replaces a prior
agent, is lending $25 million of the credit line and is working with four other
banks to provide SNAAC with up to $100 million working capital line. SNAAC
currently is using $80 million of the $100 million line.
U.S. Bank is assisting SNAAC to meet its treasury management needs and will
offer private banking, group banking and trust services.
Headquartered near Cincinnati, Ohio, SNAAC provides dealers of pre-owned
automobiles with competitive financing programs for military personnel, who may
have little or no access to alternative sources of financing. The Company also
offers approved dealers automated underwriting and same-day approval for loan
applications submitted through the Internet.
SNAAC is licensed to do business in 24 states and purchases contracts from over
600 approved dealers. Theodore and Beverly A. Catino founded the Company 16
years ago. As of March 31, 2003, SNAAC owned or managed approximately $110
million of gross receivables and generated net interest income and net income of
$4.23 million and $1.3 million, respectively for the first quarter of 2003.
Theodore Catino, CEO of SNAAC, said, "We selected U.S. Bank because they are as
adaptable, flexible and customer-driven as we are. We were also happy with
service they provided with an earlier $25 million line of credit. Our new credit
arrangement will enable us to cost-effectively grow our business as a leader in
providing financial services to automotive dealers servicing military
David Sceva, Senior Vice President of U.S. Bank's Business Credit Group,
commented, "We have a dedicated group of people here who are committed to
providing quality financial solutions to help companies grow in a competitive
U.S. Bancorp, with assets in excess of $182 billion, is the 8th largest
financial services holding company in the United States. The company operates
2,200 banking offices and 4,582 ATMs, and provides a comprehensive line of
banking, brokerage, insurance, investment, mortgage, trust and payment services
products to consumers, businesses and institutions. U.S. Bancorp is home of the
Five Star Service Guarantee which assures customers of certain key banking
benefits and services or customers will be paid for their inconvenience. U.S.
Bancorp is the parent company of U.S. Bank. Visit U.S. Bancorp on the web at
SOURCE: U.S. Bank
CONTACT: U.S. Bank Media Relations
Lisa Clark, 608/877-7517
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SOURCE: U.S. Bank