DES MOINES, Iowa — Wells Fargo Preferred Capital announced this week that it recently added $20 million to Summit Financial Corp.'s existing Bank of America Business Credit facility of $55 million, bringing the total facility to $75 million.

Currently in its 25th year, Summit provides auto financing to borrowers throughout Florida. Summit has $76.9 million in auto loans under management.

"This funding demonstrates Wells Fargo's continued commitment to the industry and its long-term prospects," said Tom Murphy, president of Wells Fargo Preferred Capital. "Summit has successfully competed in its market and has performed well against the competition. We're excited about this opportunity to support Summit and the consumer finance industry."

Al Wheeler, Summit's president, added, "Wells Fargo Preferred Capital's knowledge and expertise in this industry will help us deal with the current economic environment. Our relationship with Wells Fargo will contribute significantly to our long-range growth plans. We look forward to working with them in the future."

Wells Fargo & Co., the parent company of Wells Fargo Preferred Capital, is a diversified financial services company with $1.3 trillion in assets, providing banking, insurance, investments, mortgage and consumer finance through more than 11,000 stores, over 12,000 ATMs and the Internet throughout North America and internationally. 

Wells Fargo Bank, North America, noted that it has the highest credit rating currently given to U.S. banks by Moody's Investors Service, "Aa1," and Standard & Poor's Ratings Services, "AA+."