Union Acceptance Corporation Appoints New Director

24 October 2000

Union Acceptance Corporation Appoints New Director

    INDIANAPOLIS--Oct. 24, 2000--Union Acceptance Corporation , one of the nation's largest independent, indirect automobile finance companies, announced today that its Board of Directors has appointed John M. Eggemeyer, III as a director of the Company.
    Mr. Eggemeyer has over thirty years of banking and investment banking experience having served as a senior executive of First Chicago, Norwest, Chase, U.S. Bancorp and Drexel Burnham. Mr. Eggemeyer currently serves as Chief Executive Officer of Castle Creek Capital, LLC and Castle Creek Financial, LLC (formerly Belle Plaine Financial, LLC) which he co-founded in 1995.
    Mr. Eggemeyer will be replacing Fred M. Fehsenfeld, Jr. who is retiring from the Board of Directors to dedicate more time to his family business.
    "We appreciate Fred's contribution to our success and his service on the Board of Directors since our initial public offering," stated Jerry Von Deylen, Chairman of the Board of Union Acceptance Corporation. "We look forward to working with John and are very pleased to gain the benefit of his years of experience in this industry."

    Corporate Description

    UAC is one of the nation's largest independent, indirect automobile finance companies. The Company's primary business is acquiring, securitizing and servicing prime retail installment sales contracts. These contracts are originated by dealerships affiliated with major domestic and foreign automobile manufacturers. The Company is focused on the upper-end of the credit quality spectrum. Union Acceptance Corporation commenced business in 1986 and currently acquires receivables from over 5,200 manufacturer-franchised dealerships in 40 states. By using state-of-the-art technology in a highly centralized underwriting and servicing environment, Union Acceptance Corporation enjoys one of the lowest cost operating structures in the independent prime automobile finance industry. Union Acceptance Corporation maintains a web site at www.unionacceptance.com that contains additional information on the Company.