Genesis Announces Significant Expansion to Meet Demands of New Acquisition

Genesis Financial Solutions, Inc., recently agreed to acquire more than 250,000 performing bankcard accounts from a large national bankcard issuer. Genesis expects to close the transaction in February and begin servicing the accounts soon thereafter. The acquisition price is in excess of $100 million, making it the largest in the company?s 4+ year history. To serve these new customers, Genesis intends to double its staff over the next three months, adding about 100 new employees at its Beaverton, OR headquarters.

“With these new accounts, Genesis will become one of the top 50 bankcard companies in the country,” says Irving J. Levin, CEO. “We are excited to grow the Genesis team, and we believe our expanded talent base will significantly increase other growth opportunities.”

Genesis was created in 2001 by executives from Renaissance Holdings (acquired by Household International in 2001). Initially, the company engaged in buying and servicing consumer loans throughout the United States. One year ago, Genesis launched new business initiatives into consumer lending and bankcards, focusing on underserved market niches. The company takes a highly analytical approach to making and acquiring loans, and services customers at its operations center in Beaverton. In addition to bankcards, Genesis makes and buys tuition loans in partnership with colleges and vocational schools, and is exploring opportunities with direct response and wireless companies. Genesis has also initiated business activities in Canada.

“Given our knowledge and sophistication in the consumer lending industry, I believe we have the opportunity to sustain substantial growth,” Levin remarked. “This acquisition is just the first of what we expect will be many exciting new developments for Genesis in 2006.”