XS Financial Inc. announced that it has entered into a new $24 million line of credit ("Credit Facility") with Needham Bank committing $20 million and acting as the administrative agent. XS Financials' existing $4 million line of credit with an FDIC-insured bank will be retired, and the same bank will participate $4 million in the new Credit Facility. In addition, XSF fully retired its previously announced $15 million line of credit with the Garrington Group concurrently with the closing of this Credit Facility.

All figures are in US Dollars. The Credit Facility has a term of two (2) years, expiring August 2024. Loans made under the line of credit will bear interest at an annual rate equal to the Wall Street Journal Prime rate plus one percent (1.0%), with a floor of 6%, and may be prepaid with no penalty at any time.

XS Financial intends to use loan proceeds, together with cash on hand, to fund additional CAPEX and equipment leases with new and existing customers.