OLYMPIC FINANCIAL LTD. OPENS SEATTLE OFFICE
SEATTLE, March 16 /PRNewswire/ -- Olympic Financial Ltd. (NASDAQ-NMS: OLYM), a rapidly growing independent automobile finance company based in Minneapolis, has expanded its operations to Washington with the opening of a branch office in the Seattle metropolitan area, the company announced today.
The Seattle branch, at 155 108th Avenue N.E., Bellevue, Wash., is Olympic Financial's fourth loan origination office. The others are in Denver, Minneapolis, Dallas.
Olympic Financial specializes in the purchase, pooling, sale and servicing of retail automobile installment loans originated by a network of more than 425 automobile dealers under contract with the company. It is headquartered in Minneapolis.
"The Seattle expansion is an important step in the continuing expansion of our company nationally," Jeffrey C. Mack, chairman and chief executive officer, said. "It is our third major market entry in less than a year, and we believe that it represents an excellent opportunity to replicate the success we've enjoyed in Colorado, Texas and our home base in Minnesota. We expect to add two additional markets by the end of calendar 1993, including Phoenix.
"Seattle's excellent base of franchised auto dealers, its favorable demographics and its geographical importance combined to put it high on the list of major metropolitan areas that best meet our expansion criteria."
Olympic's loan purchases totaled $31.4 million in its most recent fiscal quarter, which ended Dec. 31. Its servicing portfolio grew by $21.1 million to a total o3?.4 million. Assets reached $81.2 million.
The Seattle office is headed by Richard J. Hooper, formerly a lending officer and branch manager with the First Interstate Bank of Washington.
-0- 3/16/93
/CONTACT: Tom Langenfeld of Swenson Falker Eilertsen Inc., 612-371-0000 or Jeffrey C. Mack of Olympic Financial Ltd., 612-942-9880/
(OLYM)
CO: Olympic O·lym·pic adj. Of or relating to the Olympic Games. Olympic Adjective of the Olympic Games Adj. 1. Olympic - of or relating to the Olympic Games; "Olympic winners" 2. Financial Ltd. ST: Minnesota IN: FIN fin, organ of locomotion characteristic of fish and consisting of thin tissue supported by cartilaginous or bony rays. In some fish, e.g., the eel, a single fin extends from the back, around the tail, and along the ventral surface. SU: PDT PDT abbr. Pacific Daylight Time PDT Pacific Daylight Time PDT n abbr (US) (= Pacific Daylight Time) → hora de verano del Pacífico PDT KH -- MN006 -- 6503 03/16/93 11:31 EST EST electroshock therapy. EST abbr. electroshock therapy |
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