Consumers Financial Buys Syracuse, N.Y. Agency

August 16, 2004

Consumers Financial Corporation announced that it has signed a
contract to purchase Fear & Fear, Inc., an insurance agency with 10 offices located in and around Syracuse, New York. The transaction is valued at $6 million and the closing date is to be set in the next 90 days.

Fear & Fear specializes in automobile insurance and its service area covers most of central and northern New York state. The company currently generates approximately $3 million in earned income from premiums.

Consumers Financial Corporation is a diversified merchant banking and financial services company.

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