CINCINNATI — Security National Automotive Acceptance Corp. recently received revolving credit facilities from both Wells Fargo Preferred Capital and Fifth Third Bank to expand its auto finance and insurance operations.

The total amount SNAAC secured was $200 million.

"We are extremely pleased that our relationship with Wells Fargo Preferred Capital and Fifth Third Bank continues to expand," stated Ted Catino, SNAAC's chief executive officer.

"This growth capital will allow our very talented associates to continue to offer quality products and services to our expanding dealer base," Catino added.

Executives from both Wells Fargo and Fifth Third Bank shared their prospective of SNAAC and the facilities.

"This facility expands the Wells Fargo relationship with SNAAC, enabling them to help consumers purchase cars that will meet their personal needs," noted Tom Murphy, president of Wells Fargo Preferred Capital.

"SNAAC is well known for its strong reputation and dedication to its customers," Murphy went on to say.

When asked about the credit facility, David Fuller, vice president of structured finance of Fifth Third Bank, added, "we are enthusiastic about growing with SNAAC. SNAAC and Fifth Third have had a long relationship.

"Since the beginning, I have always been impressed with SNAAC's company performance," Fuller declared.

SNAAC specializes in purchasing and servicing retail installment sales contracts acquired from used-vehicle dealers who cater to military personnel. The company was founded in 1986 and operates in 30 states, employing 125 people.

The company's team of executives includes chief operating officer Brian McDonald, chief financial officer Adam Contino and vice president of sales and business development Rich Oakes.

"We have complete confidence in our management team. They have produced record-breaking performance in a very difficult economy," insisted Becky Catino, SNAAC's president.

"Their innovation, creativity and hard work have allowed SNAAC to become a leader in the industry," she concluded.