Genesis Completes Transaction to Acquire 250,000 Performing Bankcard Accounts

Genesis Financial Solutions, Inc., has completed its previously announced acquisition of performing bankcard accounts. The portfolio represents more than $250 million in receivables that Genesis will manage and service in its Oregon processing center. The company’s 200 employees service and originate credit cards and other consumer financial services products.

“This acquisition, which was won based on our speed and responsiveness to the seller, establishes Genesis’ legitimacy in the bankcard portfolio acquisition business,” commented CEO Irving Levin. “In fact, it is the second portfolio we have acquired this quarter. We are looking forward to being an active investor and servicer of distressed and orphan card portfolios.”

Senior financing for the acquisition was arranged by Wachovia Capital Markets, LLC and provided by Variable Funding Capital Company LLC, a commercial paper conduit administered by Wachovia Capital Markets, LLC.

About Genesis Financial Solutions
Genesis Financial Solutions, of Beaverton, Ore., is a privately held diversified consumer financial services company that originates credit card accounts and consumer loans across the credit spectrum. Genesis also acquires performing and nonperforming consumer debt portfolios. Genesis’ growth is realized through establishing partnerships with retailers, service providers and other lenders, as well as through direct marketing to consumers. Senior management has extensive consumer lending and banking experience, and bases decisions on sophisticated analytical systems and models. Learn more about the company by visiting the Web site at www.genesis-fs.com.