BANKING & FINANCE - Aug. 27, 1996

Olympic Financial Fires Chairman: The company, which calls itself the largest independent provider of auto loans, also said it hired investment bank Donaldson, Lufkin & Jenrette Inc. to review the possibility of selling the company after it received informal offers. Olympic Financial Ltd. said its board ousted Jeffrey C. Mack, who also was president and chief executive, because he didn’t want to sell the company after at least two potential buyers expressed interest in acquiring it, said Warren Kantor, a board member who succeeded Mack. Mack, who founded the firm in 1990, wasn’t available for comment. Shares of the Minneapolis-based company, which buys, sells and services installment contracts for new and used cars from 6,400 dealers, rose $6.375 to $24 after the announcement.