August 1, 2002 - Nicholas
Financial, Inc. (Nasdaq, NICK), today announced the Company's
expansion into the state of Ohio with the opening of two Business
Development Centers (BDCs) in the Cleveland and Columbus metropolitan areas. The new Business Development Centers are full-service lending
and collection facilities, which have been staffed by experienced Nicholas
managers. These managers had been working to develop business in each area for
several months prior to the opening of the facilities. The new offices launch
Nicholas Financial's first formal presence in the Midwest.
Commenting on the decision to move into the Ohio market, Matthew Foget, Vice
President of Marketing stated, "We have done an extensive analysis of the
Ohio market with regard to specialized vehicle financing. We believe the Ohio
market will provide the Company with the opportunity to continue with its expansion
plans.The Company currently has employees in place to cultivate business in the
Toledo and Cincinnati, Ohio markets."
In addition to the two (2) new locations in Ohio, the Company operates three (3)
locations in North Carolina, three (3) locations in Georgia, one (1) location
in South Carolina and fifteen (15) locations in Florida.
The Company will hold its annual meeting at the Countryside Country Club in
Clearwater, Florida, on August 7, 2002 at 9 AM.
Founded in 1985, with current assets of $80,381,000 as of June 30, 2002,
Nicholas Financial is one of the largest publicly traded specialty consumer
finance companies based in the Southeast. The Company has approximately 5,000,000
shares of common stock outstanding and has reported increased revenues and
earnings for the past 12 years. For an index of Nicholas Financial Inc.'s news
releases or to obtain a specific release, visit our web site at www.nicholasfinancial.com..
