Credit Depot announces new senior vice president of underwriting.

GAINESVILLE, Ga.--(BUSINESS WIRE)--Sept. 23, 1996--Credit Depot Corporation (Nasdaq: LEND) today announced that Ralph J. DeBee, Jr. has been appointed Senior Vice President of Underwriting, reporting to Gerald F. Sullivan, Sr., President and Chief Executive Officer of the Company.

Mr. DeBee brings over sixteen years experience to his new role of Senior Vice President of Underwriting. Prior to joining Credit Depot, Mr. DeBee spent eight years at Equicredit Corporation, most recently as Senior Vice President, Loan Administration. Equicredit Corporation, a billion dollar plus originator of loans, was recently acquired by Barnett Bank, Inc. (NYSE:BBI) a leading financial institution in Florida and ranked in the top 25 banks in the United States. Mr. DeBee was also President of DeBee Financial Services, a private mortgage company.

Gerald F. Sullivan, Sr., President and Chief Executive Officer, stated: "We are very pleased to welcome Ralph to the Credit Depot team, where his years of hands-on experience of our industry and strategic market perspective will prove to be an invaluable resource as we continue to build a significant presence in a rapidly growing industry segment."

Credit Depot Corporation is a multi-state financial services company that provides residential real estate financing to individuals unable to secure loans through conventional sources. The Company currently originates loans through its offices in Florida, Georgia, Indiana, North Carolina, Ohio, South Carolina, Tennessee and Kentucky. These loans are collateralized by first mortgages, primarily on owner-occupied residential properties.

CONTACT: Gerald F. Sullivan, Sr./Kelly M. Garmon

Credit Depot Corporation

[phone]

or

John P. Kehoe / Van Negris

Kehoe, White, Savage & Company, Inc.

[phone]