MINNEAPOLIS, Aug. 4 /PRNewswire/ -- Arcadia Financial Ltd. (NYSE: AAC)
announced today the filing of a shelf registration statement with the
Securities and Exchange Commission for the future issuance of an aggregate of
$50 million of the company's unsecured Subordinated Notes.
Currently, the company's "Retail Note Program" offers such unsecured
Subordinated Notes to individual investors in small increments, and as of June
30, 1998, had $19.7 million of these subordinated notes outstanding. Since
1994, the company has issued approximately $50 million of such notes. The
company expects this $50 million shelf to be used over the next three to five
years.
Arcadia Financial Ltd. is a Minneapolis-based consumer financial services
company specializing in purchasing, selling and servicing retail installment
contracts for new and used automobiles originated in 45 states. The company,
founded in 1990, is the nation's largest independent provider of automobile
financing. Its 18 Regional Buying Centers are located in Arizona; northern
and southern California; Colorado; Florida; Georgia; Maryland; Massachusetts;
Minnesota; Missouri; New York; North Carolina; Ohio; Tennessee; north, south
and west Texas; and Washington.
Registration statements relating to these securities have been filed with
the Securities and Exchange Commission but have not yet become effective.
These securities may not be sold, nor may offers be accepted prior to the time
the registration statements become effective. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy, nor shall
there be any sale of these securities in any State in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities law of any such State.
SOURCE Arcadia Financial Ltd.
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fax, 800-758-5804, ext. 652638
CONTACT:
Scott R. Fjellman, Vice President, Investor
Relations of Arcadia Financial, 612-944-4582
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