Advance America to Acquire Approximately 300 Retail Consumer Finance Locations from CompuCredit Holdings

Advance America, Cash Advance Centers, Inc. (NYSE: AEA), announced today that it has entered into an agreement with CompuCredit Holdings Corporation to purchase substantially all of the assets of CompuCredit's retail storefront consumer finance business for a total consideration of approximately $45.6 million, subject to certain adjustments.

The transaction is expected to close in the fourth quarter of 2011, and Advance America expects it to be accretive to earnings in 2012.

As of June 30, 2011, CompuCredit's retail storefront consumer finance business consisted of approximately 300 locations in nine different states and had approximately $42.3 million in outstanding gross advances and fees receivable.