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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): January 6, 1997
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 Richard A. Greenawalt has accepted the
position of President and Chief Executive Officer of the Registrant. The
Registrant has also announced that Warren Kantor has been elected Chairman of
the Board of Directors of the Registrant. Further information related to these
developments are contained in the press release, dated January 6, 1997, issued
by the Registrant, a copy of which is attached hereto as an exhibit 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
January 14, 1997
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EXHIBIT A
Contact: John Witham/Jennifer Weichert
(612) 942-9880 FOR IMMEDIATE RELEASE
GREENAWALT NAMED PRESIDENT AND CHIEF EXECUTIVE OFFICER
OF OLYMPIC FINANCIAL LTD.;
KANTOR ELECTED CHAIRMAN OF THE BOARD OF DIRECTORS
MINNEAPOLIS, MINNESOTA . . . January 6, 1997 -- Olympic Financial Ltd.
(NYSE: OLM) today announced that Richard A. Greenawalt has accepted the
position of President and Chief Executive Officer. Mr. Greenawalt comes
to Olympic Financial from Advanta (NASDAQ: ADVNB; ADVNA), an $18 billion
financial services concern, where he was President, Chief Operating
Officer and a Director. The Board also announced that Warren Kantor has been
elected Chairman of the Board of Directors of Olympic Financial.
Mr. Greenawalt was instrumental in directing Advanta's advancement over the
past nine years, growing the business from less than $1.0 billion in assets
under management to a greater than $18 billion business focused on consumer
finance niches in credit cards, mortgages services, small business lending and
insurance. The market value of Advanta grew from less than $100 million to more
than $2.0 billion during this time.
Chairman of the Board of Olympic Financial, Kantor, commented, "Olympic
Financial is one of the fastest growing auto finance businesses in the U.S.
today approaching $4.0 billion. Rich's experience having grown Advanta from a
$1.0 billion company to an $18 billion business, exemplifies his qualifications
for the new role he has taken on. It is an indication of Olympic's excellent
potential that one of the industry's leading executives is joining the Company
as President and Chief Executive Officer."
Mr. Greenawalt stated, "Olympic represents a new challenge. I am excited by
the opportunity to be the CEO of an emerging consumer finance company. The
Company has great vitality and superb potential. I believe my experience
combined with that of the management team and the Board of Directors will
create success."
Previously, Mr. Greenawalt spent fifteen years with Citicorp, where he
ran two of their consumer finance operations: first as President and Chief
Executive Officer of Retail Services, Inc. and later as Chairman and Chief
Executive Officer of Citicorp. Person-to-Person, Inc. He also served as
President of Transamerica Financial Corporation prior to joining Advanta.
Mr. Greenawalt has an M.B.A. from Carnegie Mellon University and is an
engineering school graduate of Drexel University. He is a member of the
Drexel University Board of Trustees and the Executive Committee of the
Board. He also serves on the Franklin Institute Board and since 1990, he has
been a Director of MasterCard International.
Mr. Kantor has been serving the Company as Chairman of the Executive Committee
and Acting Chief Executive Officer since the resignation of Jeffrey C. Mack on
August 26, 1996.
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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 7,500 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
