MINNEAPOLIS, Aug. 26 /PRNewswire/ -- The Board of Directors of Olympic
Financial Ltd. (NYSE: OLM) today announced that it has received an indication
of interest to buy the Company.  In connection with this development, the
Company has engaged Donaldson, Lufkin and Jenrette to assist the Board in
examining the strategic alternatives available to the Company.
    In an associated development the Board has accepted the resignation of
Jeffrey C. Mack as Chairman, President, and Chief Executive Officer and as a
member of the Board of Directors.  The Company also announced the appointment
of Warren Kantor (Olympic Board member) as Chairman of the Executive
Committee.  Olympic Financial Vice Chairman Scott Anderson, who has been
overseeing the day-to-day operations of the business, will continue to do so.
    Mr. Kantor is an independent businessman with more than 25 years of
applicable experience in the consumer finance industry, most recently as Vice
Chairman of Advanta Corp. where he continues to serve on the Board of
Directors.  He has worked closely with the management of Olympic as both a
Board member and as a Consultant since joining the Board in 1994.  Mr. Kantor
commented, "I am pleased to step in as Chairman of Olympic's Executive
Committee of the Board, a position which affords me the opportunity of working
even more closely with the Company's superb management team.  Collectively,
they have operated the business in a highly effective manner and I have no
doubt that they will continue to do so.  I intend to dedicate my time to the
Company to ensure that shareholder value is maximized."
    Scott H. Anderson, Vice Chairman, Credit Administration and Operations,
stated, "The management team is fully behind the actions of the Board which we
believe are in the best interests of the shareholders, customers and
employees."
    Mr. Kantor added that he expects year end 1996 results to be in line with
Wall Street estimates, strongly exceeding last year's reported $1.08 fully
diluted earnings per share.  Through the six months ended June 30, 1996,
Olympic earned $0.76 and $0.85 per share on a fully diluted and primary basis,
respectively.
    Olympic Financial Ltd. is a Minneapolis-based consumer finance company
which purchases, sells and services prime retail installment contracts for new
and used automobiles originated by more than 6,400 dealers nationwide.
Olympic is the largest independent provider of automobile financing.  The
Company, which was founded in 1990, has Regional Buying Centers in Arizona,
Northern and Southern California, Colorado, Florida, Georgia, Massachusetts,
Minnesota, Missouri, New York, North Carolina, Ohio, Tennessee, North, South
and West Texas and Washington.  The Company acquires loans through 17 Regional
Buying Centers and has expanded its dealer network to include dealers in 38
states.

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