Pool Corporation to Invest in Consumer Loans to Help Spur Industry Growth
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COVINGTON, La., March 21, 2011 (GLOBE NEWSWIRE) -- Pool Corporation
(Nasdaq:POOL) will invest up to $2 million in consumer loans in 2011 through
Lending Club, the world's leading platform for investing in and obtaining
personal loans (also known as "unsecured loans" and "signature loans").
"With less capital available for consumer loans in the current economic climate,
we see a significant opportunity with Lending Club to help our customers secure
business with homeowners," commented Mark Joslin, Vice President and Chief
Financial Officer at POOLCORP. "Lending Club leads a new category of financial
institutions that fill a gap created by traditional lending institutions scaling
back on their consumer loan businesses. By providing creditworthy borrowers
unsecured, fixed-term loans with attractive interest rates in amounts from
$1,000 to $35,000, homeowners interested in renovating their pools or pool
equipment, purchasing new in ground or above ground pools, spas and irrigation
systems or looking for other backyard living enhancements, have a potential
funding source at their disposal."
Lending Club is an online platform that enables the issuance of and investment
in consumer loans. Personal loans obtained through Lending Club are available
with flexible terms and fixed interest rates that range from 6.78% to 25.41% APR
for creditworthy borrowers. Lending Club currently lists loans for applicants
residing in 42 states, including all the largest swimming pool and irrigation
markets. Investors, like POOLCORP, evaluate and fund approved loans while all
loans are issued by WebBank, an FDIC insured Utah chartered industrial bank. On
the investment side, Lending Club notes have provided an attractive return to
investors. You can learn more about Lending Club at www.lendingclub.com.
"We view this opportunity with Lending Club as an investment in our customers,
who are generally small pool, irrigation and landscape contractors and specialty
pool retail stores. By creating awareness about the Lending Club platform and
backing that up with direct investments through their platform, we hope to help
our customers grow their businesses, just as consumer confidence and spending is
on the rise," said Joslin. "We have also arranged for rebates of up to $350 to
consumers who secure financing through any customers of POOLCORP's SCP, Superior
or Horizon operating divisions. POOLCORP customers interested in participating
in this program should contact their respective Business Development
Representative for more information."
Pool Corporation is the largest wholesale distributor of swimming pool and
related backyard products. Currently, POOLCORP operates 291 sales centers in
North America and Europe, through which it distributes more than 160,000
national brand and private label products to roughly 80,000 wholesale customers.
For more information about POOLCORP, please visit www.poolcorp.com.
The Pool Corporation logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=4853
CONTACT: Craig K. Hubbard
Investor Relations
985.801.5117
craig.hubbard@poolcorp.com
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