Nicholas Financial, Inc. announced June 14 the promotions of Douglas Marohn to vice president of sales and Matthew Foget to vice president of marketing.

Mr. Foget, formally vice president of sales and an 8-year veteran of the company has moved into the newly created V.P. of marketing position, in order to direct the expansion of Nicholas Financial's branch office network. In his former capacity as V.P. of sales, the company says Foget presided over four consecutive years of the record revenue and earnings performance. During this period Nicholas Financial's revenues increased 155 percent from $7,937,000 to $20,218,000 and net income increased 330 percent from $913,000 to $3,932,000.

Mr. Marohn, formally the regional manager of Florida and a 4-year veteran with the company, was promoted to V.P. of sales in April of 2002. He will direct the Company's 5 District areas, which consist of 24 branch office locations in Florida, Georgia and the Carolinas. Marohn joined the Company in April 1998 as Branch Manager of a new branch office in Longwood, Florida. During his three-year tenure, Mr. Mahron built the Longwood office into one of the largest and most profitable branches within the company, according to Nicholas Financial.

The company will hold its annual meeting at the Countryside Country Club in Clearwater, Florida, on August 7, 2002 at 9 AM. Founded in 1985, with current assets of $77,690,000 as of March 31, 2002, Nicholas Financial is a publicly traded specialty consumer finance companies based in the Southeast.