CLEARWATER, Fla., May 10, 2022 (GLOBE NEWSWIRE) — Nicholas Financial, Inc. (NICK) today announced the appointment of Michael Rost as the company’s interim chief executive, effective May 9, 2022. Mr. Rost has been with the company for over 20 years, most recently as Vice President of Branch Operations. The Board appointed Mr. Rost in connection with the resignation of Douglas Marohn as President and Chief Executive Officer of the Company.

Jeffrey Royal, Chairman of the Company’s Board of Directors, said, “The Board is delighted to have Mike take over as interim CEO. Mike has been successfully managing branches for many years now, increasing originations while maintaining strict discipline on loan terms. We believe Mike’s close involvement in company operations positions him to effectively lead the company after Doug’s departure. The Board intends to begin the search for a permanent President and CEO shortly and expects Mike to be a candidate.

About Nicholas Financial, Inc.

Nicholas Financial, Inc. (PSEUDO, Financial) is a consumer finance company, operating branches in the southeastern and midwestern states of the United States. The Company is primarily engaged in acquiring and managing installment automobile finance contracts (“Contracts”) for the purchase of used and new automobiles and light trucks. In addition, Nicholas Financial provides direct consumer lending (“Direct Lending”) and sells consumer credit-related products. For an index of new releases from Nicholas Financial, Inc or to obtain a specific release, please visit our website at www.nicholasfinancial.com.

Caution Regarding Forward-Looking Statements

This press release may contain various “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which represent the Company’s current expectations or beliefs regarding future events. Statements other than those of historical fact, as well as those identified by words such as “anticipate”, “estimate”, “intend”, “plan”, “expect”, “project”, ” believe”, “could”, “will”, “should”, “would”, “could”, “probable” and any variation of the preceding and similar expressions are forward-looking statements. Such forward-looking statements are inherently subject to risks and uncertainties. The actual results and financial condition of the Company may differ materially from those indicated in the forward-looking statements. Accordingly, you should not rely on any such forward-looking statements. Important factors that could cause actual results or performance to differ from the expectations expressed or implied by these forward-looking statements include: the continued impact of the COVID-19 pandemic and government mitigation efforts and the related effects on our financial condition, business operations and liquidity, our customers, our employees and the economy generally; recently enacted, proposed or future legislation and how it is implemented; the Company’s success in finding a suitable permanent replacement for Mr. Marohn; changes in the US tax code; the nature and extent of regulatory authority, particularly discretionary authority, that may be exercised by regulators, including, but not limited to, the Securities and Exchange Commission (SEC), the Department of Justice, the US Consumer Financial Protection Bureau and individual state regulators having jurisdiction over the Company; the unpredictable nature of regulatory proceedings and litigation; misconduct of employees or misconduct of third parties; uncertainties associated with management turnover and the effective succession of senior management; the media and public characterization of consumer installment loans; social unrest; the impact of changes in accounting rules and regulations, or their interpretation or application, which could materially and adversely affect the Company’s published consolidated financial statements or require material delays or changes in the publication of the audited consolidated financial statements of the society ; the Company’s assessment of its internal control over financial reporting; changes in interest rates; risks associated with the acquisition or sale of assets or businesses or other strategic initiatives, including increased defaults or net write-offs, loss of key personnel, integration or migration, failure to achieve anticipated synergies, increased costs of management, customer records and retention; risks inherent in making loans, including repayment risks and the value of collateral; cybersecurity threats, including potential misappropriation of sensitive assets or information, data corruption or operational disruption; our reliance on indebtedness and the potential impact of limitations on the Company’s amended revolving credit facility or other impacts on the Company’s ability to borrow money on favorable or unfavorable terms at all ; the timing and amount of revenue that may be recognized by the Company; changes in current revenue and expense trends (including trends affecting delinquencies and charges); the impact of extreme weather events and natural disasters; changes in the Company’s markets and general changes in the economy (particularly in the markets served by the Company). All forward-looking statements and cautionary statements included herein are made as of the date hereof based on information available to the Company as of the date hereof, and the Company undertakes no obligation to update any forward-looking statement or caution.