Brooke Credit Corporation Increases Lending Facility to $80,000,000
August 01 2005 - 10:08AM
PR Newswire (US)
Brooke Credit Corporation Increases Lending Facility to $80,000,000
OVERLAND PARK, Kan., Aug. 1 /PRNewswire-FirstCall/ -- Michael
Lowry, President of Brooke Credit Corporation, the finance
subsidiary of Brooke Corporation (NASDAQ:BXXX), announced that it
has increased to $80,000,000 its lending facility through DZ BANK
AG Deutsche Zentral-Genossenschaftsbank (DZ Bank), headquartered in
Frankfurt, Germany. The lending facility is used to temporarily
fund loans originated by the company until they are eventually
securitized. Lowry stated, "We are pleased with the continued
evolution of our relationship with DZ Bank and the lending
facility. In conjunction with this $30,000,000 facility increase,
we were also successful in expanding the types of loans that
qualify for funding through the facility to include loans made to
exclusive insurance agents and agencies of Allstate Insurance
Company." Lowry also noted, "The facility increase will enable us
to warehouse more loans on our balance sheet for longer periods of
time until they are eventually securitized, which we believe will
help us engage in larger securitizations in the future." About our
company ... Brooke Credit Corporation is a subsidiary of Brooke
Corporation (NASDAQ:BXXX) that originates loans to insurance
agencies, financial services practices, funeral homes and other
local businesses, including Brooke franchises. Brooke Credit's loan
portfolio balances totaled approximately $230,000,000 on June 30,
2005. Loans have been mostly sold as individual loans to
participating lenders or as pooled loans to investors through
asset-backed securitizations. The Brooke organization was founded
on the belief that local business owners distribute insurance and
financial services more efficiently than others if supported by a
franchise system. Email Distribution ... If you would like to
receive electronic press release information then please visit the
"Investor Relations" section of Brooke Corporation's website at
http://www.brookecorp.com/ and subscribe to our "Email Alerts"
on-line. This press release may contain forward-looking statements.
Investors are cautioned that all forward-looking statements involve
risks and uncertainties, and several factors could cause actual
results to differ materially from those in the forward-looking
statements. The following factors, among others, could cause actual
results to differ from those indicated in the forward-looking
statements: the uncertainty that the Brooke Corporation and its
subsidiaries will achieve their short-term and long-term
profitability and growth goals, uncertainties associated with
market acceptance of and demand for the products and services of
Brooke Corporation's subsidiaries, the uncertainty that Brooke
Credit will warehouse more loans on its balance sheet, the
uncertainty that the additional financing will result in larger and
more profitable securitizations, the impact of competitive products
and pricing, the dependence on third party suppliers and their
pricing, the ability to meet product demand, the availability of
funding sources, the exposure to market risks, uncertainties
associated with the development of technology, changes in the law
and in economic, political and regulatory environments, changes in
management, the dependence on intellectual property rights, the
effectiveness of internal controls, and risks and factors described
from time to time in reports and registration statements filed by
Brooke Corporation with the Securities and Exchange Commission.
Investors are directed to Brooke Corporation's most recent annual,
quarterly and current reports, which are available from Brooke
Corporation without charge or at http://www.sec.gov/ , for a more
complete description of Brooke's business. DATASOURCE: Brooke
Corporation CONTACT: Anita Larson of Brooke Corporation, or
+1-913-661-0123 Web site: http://www.brookecorp.com/
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