First Chesapeake Web Site, fclending.com, Goes Live; Over 1,000 Loan Applications Totaling $70 Million Received in the First Week.

PHILADELPHIA--(BUSINESS WIRE)--Nov. 2, 1999--

First Chesapeake Financial Corporation (OTC BB: FCFK), today announced that its web site, www.fclending.com, is now 'live' and available to millions of consumers seeking mortgage information and applications over the Web.

Commenting on the new site, Les Salzman, President of First Chesapeake Funding, stated, "We are pleased to announced that the First Chesapeake lending site has been officially launched. Since we activated www.fclending.com last week we have already received over 1,000 completed loan applications with requested loan amounts totaling $70 million. Given the fact that we have not begun to fully market the site, we are enthusiastic about the initial response we have received and look to continue this level of success as we expand our marketing efforts and build the First Chesapeake name on the Internet."

The Company had previously announced that it would serve as the exclusive domestic residential mortgage provider to Visa Future Card, Ltd., through a permanent link from the Future Card site to the new First Chesapeake site. Future Card is the exclusive provider of secured and unsecured credit cards for over 4,300 strategic Internet distribution partners, which have links directly to Future Card's Internet site, www.futurecard.com.

The First Chesapeake site provides all the information and features a consumer needs to make an informed mortgage decision, including educational information on the lending process; real time rates; mortgage payment calculator; and application, processing and funding. The site offers an easy-to-use online application process and provides a secure environment for consumers to submit their personal information. The site personalizes the Internet borrowing experience, requiring loan officers to contact each applicant within 24 hours to begin the loan application process and enabling users to speak with loan officers directly at any time to get answers or direction on what's right for them. Additionally, because First Chesapeake is also the lender, the site gives consumers an added comfort level of knowing that they are dealing directly with their mortgage lender rather than a broker.

Mr. Salzman continued, "This marks an important strategic milestone for First Chesapeake. With the launch of our website, we are ideally positioned to leverage our existing retail network and capture a portion of the estimated $19 billion online origination business. With more and more consumers using the Internet to access information on mortgage lending, we are confident that our personalized loan process will allow us to convert a large percentage of inquiries into closed mortgage loans. In addition, as we expand the scope of our operations, we intend to offer other related financial services such as homeowner's insurance, title insurance, and home warranties."

First Chesapeake Financial Corporation is engaged primarily in the residential and commercial mortgage banking business at both the wholesale and retail levels. The company is actively seeking to grow its mortgage banking operations internally and through selective, well-structured acquisitions. First Chesapeake intends to continue on its path of acquiring profitable regional retail loan originators that are below the "radar screen" of the major players and which complement First Chesapeake's diversified geographical, loan product and retail/wholesale composition.

First Chesapeake's operational headquarters are located at 8551 W. Oakland Park Boulevard, Suite 271, Sunrise, FL 33351. Further information may be obtained by calling Les Salzman at [phone] or by fax to [phone].

This release contains forward-looking information including statements regarding the Company's business outlook or future performance, anticipated profitability, revenues, expenses or other financial items. Factors that could cause actual events to differ materially from these forward-looking statements include, but are not limited to, the following: overall economic and business conditions, trends for the continued growth of the mortgage and financial services industry, the realization of anticipated revenues, profitability and cost synergies, the demand for the Company's products and services, pricing and other competitive factors in the industry and new government regulations and/or legislative initiatives. These and other risks are described in the Company's filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-KSB for the year ended December 31, 1998 and Quarterly Reports on Form 10-QSB through June 30, 1999.