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OLYMPIC FINANCIAL ANNOUNCES INCREASE IN FIRST BANK/DAIWA LINE OF CREDIT

 MINNEAPOLIS, Nov. 29 /PRNewswire/ -- Olympic Financial Ltd. (NASDAQ-NMS: OLYM) announced today that its line of credit with First Bank National Association of Minneapolis and The Daiwa Bank Ltd. of Osaka, Japan, has been increased to $30 million from $20 million and extended for one year.
 The arrangement provides a "warehousing" line of credit for use in financing the acquisition of automobile loans. In warehousing, financial institutions provide short term financing for auto loans that permits the loans to be accumulated or pooled until they can be sold as asset-backed securities through the process of securitization.
 Jeffrey C. Mack, Olympic Financial's chairman and chief executive officer, said the First Bank/Daiwa credit line is in addition to $139 million in other current warehouse and prefunding arrangements.
 "These warehousing lines are an extremely important ingredient in our growth formula," Mack said. "We have accelerated our expansion, growing from a single market to seven major markets in the past 19 months. We plan to have 10 branch offices in place by the summer of 1994."
 Olympic Financial specializes in the purchase, pooling, sale and servicing of retail automobile installment loans originated by a seven- state network of automobile dealers under contract with the company.
 The network grew from 243 to 592 dealerships in the fiscal year ended June 30, 1993, and now numbers more than 800. Loan origination volume increased by 158 percent during fiscal 1993, and by 257 percent in the first quarter of fiscal 1994.
 Last week the company priced its largest securitization to date -- a $133-million offering of automobile loan-backed securities that will bring Olympic's total securitizations to more than $438 million in less than two years.
 Olympic is headquartered in Minneapolis, with branch offices in Arizona, Colorado, Florida, Georgia, Texas and Washington.
 First Bank National Association is a subsidiary of First Bank System, a regional bank holding company headquartered in Minneapolis with assets of $25.9 billion. The company provides complete financial services to individuals and institutions through nine banks and other financial services companies with more than 200 offices, primarily in Minnesota, Colorado, Montana, North Dakota, South Dakota and Wisconsin.
 Daiwa Bank is Japan's largest pension fund manager, with more than $45 billion in pension assets under management. Daiwa has operations in 18 countries and total assets of about $175 billion. Its U.S. operations are focused on middle-market corporate lending. Included are 15 locally managed offices purchased from Lloyds Bank, Plc., in 1990. Daiwa's Minneapolis office was established in 1984.
 -0- 11/29/93
 /CONTACT: Tom Langenfeld of Swenson/Falker Associates, 612-371-0000, for Olympic Financial; or Jeffrey C. Mack of Olympic Financial, 612-942-9880/
 (OLYM)


CO: Olympic Financial ST: Minnesota IN: FIN SU:

CP-xx -- MN008 -- 8332 11/29/93 13:34 EST
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Publication:PR Newswire
Date:Nov 29, 1993
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