First Investors Elects New Director

HOUSTON, April 30 -- The Board of Directors of First Investors Financial Services has elected Daniel M. Theriault to the Board of Directors, expanding the number of board seats from seven to eight. Mr. Theriault is a Senior Portfolio Manager with John A. Levin & Co. based in New York. Prior to joining John A. Levin & Co. in 1997, he served as President and Chairman of the Advisory Committee for the T. Rowe Price Financial Services Fund from its inception in September 1996 through October 1997 and served as Vice President and research analyst primarily responsible for analyzing the insurance and financial services industries from 1995 to 1997. Previously Mr. Theriault spent five years as a securities analyst, four years in the insurance industry and five years in public accounting. He graduated with a B.S., cum laude, from Boston College and holds designations as a Certified Public Accountant and as a Chartered Financial Analyst. In addition, Mr. Theriault and the hedge funds he manages for John A. Levin & Co., collectively own approximately 5.6% of the outstanding stock of First Investors.

First Investors is a specialized consumer finance company engaged in the purchase and retention of automobile finance receivables originated from franchised automobile dealers, and directly through consumers from the sale of new and late-model used vehicles. The Company is headquartered in Houston, Texas and operates in 28 states.

The statements contained in this release, which are not historical statements of fact, may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any such forward-looking statements involve a number of risks and uncertainties. The actual results of future events could differ materially from those stated in any forward-looking statements herein.