Clearwater, Florida, - September 13, 2005: Nicholas Financial, Inc. (Nasdaq, NICK) today announced that the Company has executed an amendment to its $85 million credit line that reduces the interest rate charged to the Company by 37.5 basis points (.375%) and extends the maturity date of the facility to November 30, 2008. The amendment becomes effective September 15, 2005.

According to Peter Vosotas, Chief Executive Officer and President, “The extension of the credit line will allow us to continue our planned growth for the next three years." Mr. Vosotas also stated, “The Company is pleased to continue its lending relationship with Bank of America, which began in March of 1993 and also includes Hibernia Bank, First Tennessee Bank, and Bank of Scotland as participating banks.”

Founded in 1985, with assets of $125,820,000 as of June 30, 2005, Nicholas Financial, Inc. is one of the largest publicly traded specialty consumer finance companies based in the Southeast. The Company presently operates out of 37 branch locations in both the Southeast and the Mid-West States. The Company has approximately 10,000,000 shares of common stock outstanding. For an index of Nicholas Financial Inc.’s news releases or to obtain a specific release, visit our web site at:
 www.nicholasfinancial.com

Download Adobe Acrobat version of this press release.