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Press release from CNW Group

FIRST NATIONAL ANNOUNCES CLOSING OF PREFERRED SHARE OFFERING

Tuesday, January 25, 2011

FIRST NATIONAL ANNOUNCES CLOSING OF PREFERRED SHARE OFFERING08:40 EST Tuesday, January 25, 2011/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S./TORONTO, Jan. 25, 2011 /CNW/ - First National Financial Corporation ("First National") (TSX:FN) is pleased to announce the closing of its previously announced offering of 4,000,000 Class A Preference Shares, Series 1 (the "Series 1 Shares") for gross proceeds of $100,000,000(the "Offering").The net proceeds of the Offering will be used to repay current indebtedness as well as for general corporate purposes.The Series 1 Shares will commence trading on the Toronto Stock Exchange on January 25, 2011 under the symbol FN.PR.A.The Offering was completed through a syndicate of underwriters led by RBC Capital Markets and Scotia Capital Inc.The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act") or any securities laws of any state, territory or possession of the United States ("State Securities Laws"), and may only be offered or sold, directly or indirectly, within the United States pursuant to the registration requirements of the 1933 Act and applicable State Securities Laws or an exemption therefrom. This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America, its territories or possessions.About First National Financial CorporationFirst National Financial Corporation (TSX: FN) is a Canadian-based originator, underwriter and servicer of predominantly prime residential (single family and multi-unit) and commercial mortgages. With over $52 billion in mortgages under administration, First National is Canada's largest non-bank originator and underwriter of mortgages and is among the top three in market share in the growing mortgage broker distribution channel. For more information, please visit www.firstnational.ca.Forward-Looking InformationCertain information included in this news release may constitute forward-looking information within the meaning of securities laws. In some cases, forward-looking information can be identified by the use of terms such as "may", "will, "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "predict", "potential", "continue" or other similar expressions concerning matters that are not historical facts. This forward-looking information should not be read as providing guarantees of future performance or results, and will not necessarily be an accurate indication of whether or not, or the times by which, those results will be achieved. This forward-looking information is as of the date of this release, and is subject to change after such date. However, management and the Fund disclaim any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.For further information: Rob Inglis Chief Financial Officer First National Financial LP Tel:  416-593-1100 Email: rob.inglis@firstnational.ca     Steve Wallace Vice President BarnesMcInerney Inc. Tel:  416-367-5000 Email: swallace@barnesmcinerney.com