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FirstCity Financial Corporation Reports Third Quarter 2010 Results

The Company recorded $0.5 million of income tax expense in Q3 2010 compared to $1.3 million of income tax expense in Q3 2009. Income tax expense in both periods was composed primarily of foreign taxes, and fluctuates regularly depending on the timing and amount of taxable revenues generated from our foreign acquisition partnerships and servicing entities.

Conference Call

A conference call will be held on Tuesday, November 9, 2010 at 9:00 a.m. Central Time to discuss Q3 2010 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 Third Quarter 2010 Conference Call
Date: Tuesday, November 9, 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 800-510-0219
  International 617-614-3451
     
  Pass code 29177691
     
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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