Edfinancial Services Expands Operations Again
6/14/2004
Knoxville, TN – Knoxville-based national corporation, Edfinancial Services, announces the planned expansion of its Knoxville headquarters and servicing facilities to support the nationwide growth in its core business of student loan servicing. The current bifurcated operations at Center Park Drive and Windsor Square will be consolidated to a campus style venue at Windsor Square, extending from the current servicing center in the old Jumbo Sports building on one end to Hamrick’s on the other end. The $8.5 million project will add 128,000 square feet and 250 new jobs over the next three years.
“Edfinancial Services has grown to be the 10th largest servicer in the nation,” says Tony Hollin, chairman and CEO. “We have satellite facilities in Jacksonville and Little Rock, but the heart of our corporation is here in Knoxville. This is where we started. This is where we’ll stay.”
Edfinancial Services (formerly Edamerica) underwent a name change in October 2003, unveiling a new logo and launching a new advertising campaign, seamlessly transitioning its corporate identity while retaining its reputation for innovation, experience and excellence in student loan servicing for over a dozen of the nation’s top 100 student loan lenders, including First Tennessee Bank, Bank of America, U.S. Bank, Union Planters Bank, SouthTrust Bank, Arkansas Student Loan Authority, Louisiana Education Loan Authority, North Texas Higher Education Authority, Hibernia Bank and Edamerica.
In May of 2002, Edfinancial Services opened its state-of-the-art operations center in the renovated Jumbo Sports building, adding 42,000 square feet of workspace to its existing facilities, for a total of 75,000 square feet in Knoxville. The operations center houses a fireproof vault and features sophisticated information technology capabilities and a paperless workflow.
“With the upcoming expansion, we’re again renovating existing space,” says John Farinella, executive vice president and COO. “Our growth is strategic and cost-effective and will allow us to continue to deliver first-rate service to our customers.”
Edfinancial Services currently employs over 300 people and administers over $4 billion in student loan volume. Loans serviced have grown at an average annual rate of almost 80% over the past four years.
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Edfinancial Services is a private corporation headquartered in Knoxville, TN. Servicing student loans nationwide, Edfinancial Services administers student loan volume in excess of $7 billion.