Nicholas Financial, Inc.
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- Nicholas Financial, Inc. (NASDAQ: NICK), now operating as Old Market Capital Corporation (NASDAQ: OMCC), functions as a consumer finance holding company focused on broadband services and investment opportunities following its exit from the subprime auto lending business. Founded in 1986 and headquartered in Clearwater, Florida, the company previously specialized in acquiring and servicing automobile finance installment contracts for purchases of new and used automobiles and light trucks from independent dealerships; originating direct consumer loans, including credit disability and credit life insurance products; and selling consumer-finance related products through branch offices across states including Alabama, Florida, Georgia, Idaho, Illinois, Indiana, Kentucky, Michigan, Missouri, Nevada, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Utah, and Wisconsin. Its wholly-owned subsidiary Nicholas Data Services, Inc. supports industry-specific software, while NF Funding I, LLC serves as a special purpose financing entity. In November 2023, Nicholas Financial ceased accepting new auto loan applications and purchasing contracts, selling substantially all of its loan portfolio to Westlake Financial for approximately $65 million, which provided significant cash reserves and marked a strategic pivot away from subprime auto finance amid operational challenges including furloughs and branch closures during the COVID-19 period. In June 2024, the company completed the acquisition of a 56.5% majority stake in Amplex Electric, Inc., an Ohio-based rural broadband provider offering fixed wireless and fiber services to over 9,100 wireless customers and 3,500 fiber customers, for a base price of $37.5 million funded by cash reserves, with plans to expand Amplex's fiber network using additional capital and an option to acquire up to 80% of the remaining shares in two years. On September 27, 2024, Nicholas Financial announced a leadership change with CEO Mike Rost's departure and Jeffrey Royal, former Chairman, appointed as CEO under a two-year agreement including a $300,000 annual salary paid in stock; relocated its corporate headquarters; and amended its certificate of incorporation to change its name to Old Market Capital Corporation with ticker OMCC effective September 30, 2024, aligning with its new investment focus.
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Nicholas Financial Reports 1st Quarter Fiscal Year 2022 Results
Nicholas Financial's Boise, Idaho Grand Opening
Nicholas Financial Reports 4th Quarter and Fiscal Year 2021 Results
Nicholas Financial's Salt Lake City Grand Opening
Nicholas Financial Reports 3rd Quarter Fiscal Year 2021 Results
Nicholas Financial's Milwaukee Grand Opening
Nicholas Financial's Columbia Grand Opening
Is Nicholas Financial (NICK) A Good Stock To Buy?
Nicholas Financial's Las Vegas Grand Opening
Nicholas Financial Reports 2nd Quarter Fiscal Year 2021 Results