MINNEAPOLIS, Oct. 3 /PRNewswire/ -- Arcadia Financial Ltd. (NYSE: AAC)
announced today that it has completed a public offering of $75 million
aggregate principal amount of 11 1/2% Senior Notes due 2007.  The offering was
underwritten by Donaldson, Lufkin & Jenrette Securities Corporation and J.P.
Morgan & Co.  Proceeds will be used to support the company's continued
purchase of automobile loans, for working capital and for other general
corporate purposes.
    Richard A. Greenawalt, Arcadia's president and chief executive officer,
noted that current market conditions provided the company with an opportunity
to raise additional capital on favorable terms.  Additionally, Mr. Greenawalt
stated, "This offering complements our recently increased warehouse funding
arrangements, providing us with additional capital for targeted loan
purchases, while enhancing our overall liquidity."
    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 by more than 8,800 dealers
in 42 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.

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