Nicholas Financial Credit Line Increased from $60 Million to $75 Million

Nicholas Financial, Inc., based in Clearwater, Fla., announced March 19 it has successfully negotiated an increase in its revolving line of credit with Bank of America and Hibernia National Bank by adding Bank One as an additional participating lender.

"In the past few years, several public companies in our industry have been unable to obtain bank revolving credit lines and/or renew their existing lines," said Peter Vosotas,

chairman, CEO and president of Nicholas. "This new agreement with Bank of America, Hibernia National Bank and now Bank One expanding our

revolving credit from $60 million to $75 million is a confirmation of the faith that they have in our company. Bank of America has been our primary lender since 1993."

Standard & Poor's, a global provider of corporate financial information, has issued a stock report and has listed the company in their

Stock Guide, which is distributed to more than 700,000 investment professionals worldwide. The report includes a review of the latest

developments of the company, the company's competitive position and potential advantages along with fundamental analysis and key financial ratios and statistics.

S&P stock reports can be obtained by investors

through national brokerage firms, regional brokerage firms, on-line brokers and on the Internet through major financial data redistributors, including FactSet, Bloomberg via Multex.com, Multex, Bridge Information Systems and Investment Tools.

About Nicholas Financial, Inc.

Nicholas Financial, Inc., is a specialized Finance Company that provides funding for pre-owned automobiles and light trucks.

The company acquires and services nonprime installment sales contracts through a network of

automobile dealerships through its branch network in Florida, Georgia and North Carolina. In addition, the company provides consumer loans primarily to its customer base.

Its software subsidiary, Nicholas Data Services, Inc., designs, develops and supports all the systems related to the finance

company and sells proprietary accounting software to small businesses.