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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 16, 1996
OLYMPIC FINANCIAL LTD.
(Exact name of registrant as specified in charter)
Minnesota 0-20526 41-1664848
(State or other (Commission File (IRS Employer
jurisdiction of Number) Identification No.)
incorporation)
7825 Washington Avenue South, Minneapolis, MN 55439-2435
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (612) 942-9880
(Former name or former address, if changed from last report)
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Item 5. Other Events
The Registrant has announced that the party which indicated an interest to buy
the Registrant which was announced on August 26, 1996 and certain other
interested parties have not elected to make a definitive offer. Further
information related to this development is contained in the press release, dated
October 16, 1996, issued by the Registrant, a copy of which is attached hereto
as Exhibit 99.1 and is incorporated herein by reference.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
OLYMPIC FINANCIAL LTD.
/s/ James D. Atkinson, III
James D. Atkinson, III
Senior Vice President,
Secretary and Corporate
Counsel
October 17, 1996
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EXHIBIT 99.1
OLYMPIC FINANCIAL LTD.
Investor Relations (612) 942-9880
1-800-711-4952
Facsimile (612) 944-2619
FOR IMMEDIATE RELEASE CONTACT:
John A. Witham, Chief Financial Officer
(612) 942-9880
OLYMPIC FINANCIAL LTD. ANNOUNCES
STRATEGIC ALTERNATIVES UPDATE
Minneapolis, Minnesota, October 16, 1996. Olympic Financial Ltd. (NYSE:OLM)
today announced that the party which indicated an interest to buy the Company
which was announced on August 26, 1996 and certain other interested parties have
not elected to make a definitive offer. The Company, assisted by its financial
advisor, Donaldson, Lufkin & Jenrette, will continue to examine strategic
alternatives available to it, but no assurance can be given that the Company
will receive any acceptable proposals to buy the Company. The Company indicated
that any proposal would be evaluated in light of market conditions that prevail
at the time of the proposal and that no specific price range or deal terms for
an acceptable transaction have been set by the Company's Board of Directors.
The Company is scheduled to release 3rd quarter earnings on Tuesday, October 22,
1996, and while the Company has not completed its close, earnings are expected
to meet analysts' expectations.
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 6,800 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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Olympic Financial Center, 7825 Washington Avenue South,
Minneapolis, MN 55439-2444
