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FirstCity Financial Corporation Reports Second Quarter 2010 Results

In addition, under terms of a Securities Purchase Agreement entered into between FirstCity and Värde, FirstCity issued and sold 150,000 shares of its common stock to Värde at a price of $5.93 per share in Q2 2010. Further details about the structure of the Investment Agreement with Värde and the terms of the Investment and Securities Purchase Agreements are included in the above-mentioned press release and Current Report on Form 8-K.

Conference Call

A conference call will be held on Tuesday, August 10, 2010 at 9:00 a.m. Central Time to discuss second quarter results. A question and answer session will follow the prepared remarks. Details to access the call and webcast are as follows:
Event: FirstCity Financial Corporation Second Quarter 2010 Conference Call
Date: Tuesday, August 10, 2010
Time: 9:00 a.m. Central Time 
Host: James T. Sartain, FirstCity's President and Chief Executive Officer
   
Web Access: FirstCity's web page -- www.fcfc.com/invest.htm or,
  CCBN's Investor websites -- www.streetevents.com and,
    www.earnings.com 
     
Dial In Access: Domestic 800-329-9097
  International 617-614-4929
     
  Pass code 56501119

Replay available on FirstCity's web page ( www.fcfc.com/invest.htm )

FirstCity Financial Corporation is a diversified financial services company with operations dedicated primarily to distressed asset acquisitions and special situations investments. FirstCity has offices in the U.S. and affiliate organizations in Europe and Latin America. FirstCity common stock is listed on the NASDAQ Global Select Market (Nasdaq:FCFC).

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