Contact Information: Contact: Pamela Schreiber Investor Relations Resource America, Inc. 1845 Walnut Street, 10th Floor Philadelphia, PA 19103 (215) 546-5005
LEAF Financial Corporation Announces That It Has Secured a $250 Million Loan Facility
| Source: Resource America, Inc.
PHILADELPHIA, PA -- (MARKET WIRE) -- January 23, 2007 -- Resource America, Inc. (NASDAQ : REXI )
announces today that LEAF Financial Corporation ("LEAF"), its commercial
finance subsidiary, has entered into a loan facility for up to $250 million
with Morgan Stanley Bank. LEAF will use the facility to support its
efforts to expand and diversify its commercial finance business. The
facility will allow LEAF to continue to offer a full array of commercial
financing options including asset-based loans, business acquisition loans,
and project finance products.
Miles Herman, President and COO of LEAF Financial Corporation, stated, "We
are very excited about this new relationship. The strength of Morgan
Stanley Bank and the flexibility of the facility will further support
LEAF's growing commercial finance business. As a full service commercial
leasing and finance company, LEAF strives to provide creative solutions for
our customers. This line gives us tremendous additional capabilities to
help achieve this objective."
LEAF Financial Corporation is headquartered in Philadelphia, PA. LEAF's
business model is to originate small to middle-ticket equipment leases and
commercial transactions by forming strategic marketing alliances and other
program relationships with equipment vendors, commercial banks and other
financial institutions. After origination, LEAF manages the assets for its
own account, institutions, and individual investors through investment
partnerships and other investment vehicles. For more information please
visit our website at www.LEAF-Financial.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
financial fund management, real estate and commercial finance industries.
For more information please visit our website at www.resourceamerica.com or
contact Investor Relations at pschreiber@resourceamerica.com.
Morgan Stanley Bank (the "Bank") is a Utah industrial bank with its
principal offices in West Valley City, Utah, and an indirect, wholly owned
subsidiary of Morgan Stanley, a Delaware corporation ("Morgan Stanley").
The Bank's obligations are not guaranteed by Morgan Stanley. As a state
chartered nonmember of the Federal Reserve System, the Bank is subject to
regulation and supervision by the Federal Deposit Insurance Corporation
(the "FDIC") and the Utah Department of Financial Institutions.
The Bank files call reports each quarter with the FDIC, which include
income statement and balance sheet information. The call reports are
publicly available on the FDIC's website at
http://www2.fdic.gov/Call_TFR_Rpts/search.asp. The availability of the
Bank's past financial information at this website shall not create any
implication that the information contained or referred to herein or therein
is correct as of any time subsequent to its date.
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.