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OLYMPIC FINANCIAL EXPANDS CREDIT LINE WITH FIRST BANK NATIONAL ASSOCIATION IN COMBINATION WITH DAIWA BANK, LIMITED

 MINNEAPOLIS, July 23 /PRNewswire/ -- Olympic Financial Ltd. (NASDAQ-NMS: OLYM) announced today that its credit agreement with First Bank National Association, a subsidiary of First Bank System, Inc. (NYSE: FBS), has been amended to double Olympic's line of credit to $20 million and to add a Japanese banking corporation as a credit source.
 Joining First Bank National Association in the agreement is The Daiwa Bank, Limited, of Osaka, Japan. Daiwa Bank has operations in 18 countries and total assets of about $150 billion.
 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 supplements a $35-million warehousing arrangement the company has with Saturn Financial Services, Inc., a subsidiary of U.S. West Financial Services, Inc., and other warehousing arrangements with Minnesota-based banks.
 "These warehousing lines are an essential resource in our accelerated expansion program," Mack said. "We have gone from a single market to five major markets in the past 15 months, and will add our sixth next month. Our current plans call for as many as 10 branch offices to be in place by the end of calendar 1994."
 Olympic Financial specializes in the purchase, pooling, sale and servicing of retail automobile installment loans originated by a five- state network of automobile dealers under contract with the company.
 The network grew from 243 to 592 dealerships in fiscal 1993, a 144 percent increase. Loan origination volume grew 158 percent to $173 million during that time. Of that total, $73 million was generated in the final three months -- a 198-percent increase from the fourth quarter last year.
 The growth in loan volume translated into the company's largest securitization to date -- a $66.1-million offering of automobile loan- backed certificates in the fourth quarter.
 "Our openings this summer represent an acceleration in our expansion program," Mack said. "Our opening in Phoenix this month was three months ahead of our original schedule, and Orlando has been moved ahead to August from calendar 1994.
 "We expect both Phoenix and Orlando to contribute substantially to our loan volume in the next 12 months. Both meet or exceed the economic and demographic criteria we have laid out in our strategic plan for expanding our company nationally."
 Mack said that because of the accelerated expansion into Phoenix and Orlando, some pre-opening and opening costs were moved from the first quarter of fiscal 1994 to the fourth quarter of fiscal 1993.
 "We believe the strategic benefits of accelerated expansion outweigh the relatively modest short-term impact on earnings," Mack said. "We have the systems capacity to support large-scale growth, and we believe it is in the long-term interest of the company and our shareholders to build a national market base as aggressively as practical at this stage of our development."
 Olympic is headquartered in Minneapolis, with branch offices in Colorado, Texas, Washington and Arizona.
 First Bank System is a regional bank holding company headquartered in Minneapolis with assets of $25.6 billion. The company provides complete financial services to individuals and institutions through 21 banks and other financial services companies with more than 220 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's 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- 7/23/93
 /CONTACT: Tom Langenfeld of Swenson Falker Eilertsen Inc., 612-371-0000 or Jeffrey C. Mack of Olympic Financial LTD. 612-942-9880/
 (OLYM FBS)


CO: Olympic Financial Ltd.; First Bank National Association;
 First Bank System; The Daiwa Bank, Limited ST: Minnesota IN: FIN SU:


KH -- MN012 -- 5170 07/23/93 12:43 EDT
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Date:Jul 23, 1993
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