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12 23Fri04252014

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Back Local News Express Financial holds ribbon-cutting ceremony

Express Financial holds ribbon-cutting ceremony

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EXPRESS Financial held a ribbon-cutting ceremony yesterday at its offices in the Calvo Commercial Center on Harmon Loop Road. The company operates in the same 3,200-square foot space and with the same eight employees as Wells Fargo three years ago. “When Wells Fargo closed in 2010, these guys lost their jobs,” said Albert Manley, vice president of operations. Manley had worked for Wells Fargo for 32 years and was head of the Guam office when it closed. “I was able to bring all the people back who had lost their jobs, give them the same salary that they had, and move into the same location with the same phone number. I just have a different company that I report to.”

Express Financial is a division of Car Financial which had been under the Wells Fargo umbrella until it was sold six years ago to what is now Atlanticus Holdings Corp. “The president of Car contacted me,” Manley said. “He asked if I’d be interested in opening back up doing the same thing we were doing.”

The company makes loans ranging from $500 to $25,000. “We make ... small loans, not real estate right now,” Manley said. “And buy retail and installment contracts. That is where a customer would go into a [jewelry store], purchase some jewelry, and we would carry the paper, and we would finance it for them.”

The office actually opened in February but held the ribbon-cutting ceremony after it had installed a new IT system. “Yesterday, we took 59 applications for loans,” Manley said. “We’re pretty busy.”

He said he expects the business to grow to more than $100 million during the next 10 years.

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