First Chesapeake to Serve as Exclusive On-line Residential Mortgage Provider to Future Card.

PHILADELPHIA--(BUSINESS WIRE)--Sept. 17, 1999--

Positions Company to Benefit From Growing $19 Billion Online

Mortgage Origination Business

First Chesapeake Financial Corporation (OTC BB: FCFK) today announced that it has entered into an agreement to serve as the exclusive domestic residential mortgage provider to Visa Future Card, Ltd. ("Future Card"). This strategic alliance positions First Chesapeake to benefit from the growing online financial services business. Forrester Research projects the market for online mortgage originations will grow from $18.7 billion in 1999 to over $91.2 billion in 2003, representing an increase in online penetration of the existing market from 1.5% in 1999 to 9.6% within five years.

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. Future Card currently receives approximately 50,000 visitors to its site each day.

"As the demand for online financial services has grown, Future Card has seen an increase in the number of people seeking credit through its site. We currently have 1.5 million visitors to our site monthly looking to obtain credit. Through our affiliation with over 4,300 Internet sites, we currently have Internet exposures of 66 million banners viewed monthly," stated Robert Johnson of Future Card.

"The Future Card has been marketed over the Internet for the past four years and has earned a solid reputation in the Internet community", continued Johnson. "First Chesapeake is committed to developing a leading online residential mortgage service and this partnership allows us to expand the breadth of services we can offer our customers."

Les Salzman, President of First Chesapeake's mortgage banking operations, stated, "This is a very unique and exciting opportunity for First Chesapeake. Future Card is a preeminent supplier of secured and unsecured credit to consumers nationwide. Visitors to the Future Card site are actively seeking credit. Many of these visitors will own or would like to own their own homes, and are prime candidates for First Chesapeake's services.

Mr. Salzman continued, "The potential financial impact of this strategic alliance to our business could be significant. For example, if we close only a small percentage of mortgage loan inquiries arising from the hits Future Card currently receives at its site each day, we will be able to generate a substantial number of loans per month, potentially resulting in several million dollars per month in closed loan volume. Given the proactive nature of our loan process, with loan officers following up directly with each applicant and developing strong personal relationships with the consumer, we feel that First Chesapeake is well-positioned to convert a larger percentage of inquiries into closed mortgage loans."

First Chesapeake will be the exclusive residential mortgage provider to Future Card through a permanent link from the Future Card site to the new First Chesapeake site, which is expected to launch in October 1999. The Company's online loan origination process will include three easy steps:

1. Consumers will be prompted to fill out an abbreviated loan

application, which will immediately generate a credit report with

the individual's consent;

2. The applications and credit reports will be preliminarily

reviewed by First Chesapeake mortgage banking staff and, if

acceptable, forwarded to a First Chesapeake loan officer;

3. Loan officers will then directly contact the individual by

telephone within 24 hours to begin the loan application process.

By inserting a human element to the application process and developing a personal relationship with the consumer, it is expected that First Chesapeake will be able to close more transactions than the typical Internet loan originator (who completes the entire faceless process online).

Mr. Salzman concluded, "In addition, as the Internet becomes an increasingly important tool for consumers seeking financial services, our new e-commerce capability provides us with the ability to cross sell additional products as we expand our operations into related 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.