White River Capital, Inc. Announces Results for the Second Quarter 2008

Business Wire, August 5, 2008

* Net Income for the Second Quarter of 2008 Totaled $1.5 million

* Book Value per Share $29.69; Tangible Book Value per Share $20.77

INDIANAPOLIS -- White River Capital, Inc. (AMEX: RVR) ("White River") today announced net income for the second quarter 2008 was $1.5 million ($0.38 per diluted share) compared to second quarter 2007 net income of $1.7 million ($0.42 per diluted share). The results for the second quarter of 2008 are due to the following:

* $2.0 million of earnings from operations contributed by the Coastal Credit LLC ("Coastal Credit") subsidiary,

* $2.1 million of earnings from operations contributed by the Union Acceptance Company LLC ("UAC") subsidiary,

* $1.8 million of operating and transaction expenses at the holding company, and an income tax expense of $0.9 million.

Mark Ruh, President and Chief Operating Officer, stated, "White River had another solid quarter during continued difficult economic conditions. Delinquency and charge-off trends were favorable for both the Coastal Credit and UAC portfolios. Coastal Credit's net charge offs increased slightly during the second quarter while 30 day delinquency remained relatively stable at 4.0% at June 30, 2008 compared to 3.8% at March 31, 2008 and 4.1% at December 31, 2007. Coastal Credit's allowance for loan losses to total loans was 7.02% on both June 30 and March 31, 2008 compared to 7.04% on December 31, 2007."

Mr. Ruh continued, "The UAC portfolio continues to liquidate as expected and net portfolio recoveries have continued for seventeen straight months. The remaining UAC portfolio is $4.2 million and we project less than $1 million of receivables remaining by December 31, 2008. Holding company expenses were approximately $1 million greater than normal due to transaction costs incurred for the pending merger with First Chicago Bancorp of Itasca, Illinois and the payment of performance awards not associated with the transaction. We expect the transaction with First Chicago Bancorp to close in the fourth quarter 2008."

Martin Szumski, Chief Financial Officer, commented, "White River now has equity of $115.0 million and tangible equity is now $80.4 million. These values translate into a book value per share of $29.69 and a tangible book value per share of $20.77. Our tangible equity is now 64.6% of tangible assets."

PROVISION FOR ESTIMATED CREDIT LOSSES

The provision for estimated credit losses was $1.6 million compared to $0.9 million for the quarters ended June 30, 2008 and 2007, respectively.

The following table documents the quarterly provision and allowance for loan losses at Coastal Credit:

[TABLE OMITTED]

This provision for estimated credit losses at Coastal Credit reflects management's assessment of the reserves necessary for the current credit environment.

The recovery at UAC for the second quarter of 2008 was $0.2 million compared to a recovery for the second quarter of 2007 of $0.8 million, respectively. The decrease in recovery reflects the shrinking UAC portfolio and the reduction in reserves necessary during the portfolio liquidation.

CREDIT QUALITY

The following tables set forth delinquency, charge-off and allowance levels for the Coastal Credit and UAC portfolios:

[TABLE OMITTED]
[TABLE OMITTED]
[TABLE OMITTED]
[TABLE OMITTED]

ABOUT WHITE RIVER, COASTAL CREDIT AND UAC

Founded in 2004, White River is the holding company for Coastal Credit LLC and Union Acceptance Company LLC.

Coastal Credit LLC is a specialized auto finance company, headquartered in Virginia Beach, Virginia, engaged in acquiring sub-prime auto receivables from both franchised and independent automobile dealers which have entered into contracts with purchasers of typically used, but some new, cars and light trucks. Coastal Credit then services the receivables it acquires. Coastal Credit commenced operations in Virginia in 1987 and conducts business in 20 states - Alaska, Arizona, California, Colorado, Delaware, Florida, Georgia, Hawaii, Louisiana, Maryland, Mississippi, Nevada, North Carolina, Ohio, Oklahoma, Pennsylvania, Tennessee, Texas, Virginia and Washington - through its 17 branch locations. The Coastal Credit receivables portfolio, net of unearned finance charges, was $98.9 million at June 30, 2008.

Union Acceptance Company LLC is a specialized auto finance company, based in Indianapolis, Indiana, which holds and oversees its portfolio of $4.2 million in non-prime auto receivables, as of June 30, 2008.

ADDITIONAL INFORMATION AND WHERE TO FIND IT

Additional information about White River is available at White River's web site located at: www.WhiteRiverCap.com.

This site includes financial highlights, stock information, public filings with the U.S. Securities and Exchange Commission (the "SEC"), and corporate governance documents.

The SEC public filings available for review include but are not limited to:

* its Annual Report on Form 10-K for the year ended December 31, 2007,

* its Proxy Statement on Schedule 14A dated April 10, 2008, and

* its Quarterly Report on Form 10-Q for the quarter ended March 31, 2008.