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SHAREHOLDER ALERT: Levi & Korsinsky, LLP Announces Investigation into Possible Breaches of Fiduciary Duty by the Board of



  SHAREHOLDER ALERT: Levi & Korsinsky, LLP Announces Investigation into
  Possible Breaches of Fiduciary Duty by the Board of FirstCity Financial
  Corporation in Connection with the Sale of the Company to Varde Partners,
  Inc.

Business Wire

NEW YORK -- December 28, 2012

Levi & Korsinsky is investigating the Board of Directors of FirstCity
Financial Corporation (“FirstCity” or the “Company”) (NasdaqGS: FCFC) for
possible breaches of fiduciary duty and other violations of state law in
connection with the sale of the Company to Varde Partners, Inc.

Click here to learn how to join the action: http://zlk.9nl.com/firstcity-fcfc,
or call: 877-363-5972. There is no cost or obligation to you.

Under the terms of the transaction, FirstCity shareholders will receive $10.00
for each share of FirstCity stock they own. The transaction has total
approximate value of $224.9 million. The investigation concerns whether the
FirstCity Board of Directors breached their fiduciary duties to stockholders
by failing to adequately shop the Company before entering into this
transaction and whether Varde Partners, Inc. is underpaying for FirstCity
shares, thus unlawfully harming FirstCity stockholders.

If you own common stock in FirstCity and wish to obtain additional
information, please contact Joseph E. Levi, Esq. either via email at
jlevi@zlk.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or
http://zlk.9nl.com/firstcity-fcfc.

Levi & Korsinsky is a national firm with offices in New York, New Jersey, and
Washington D.C. The firm has extensive expertise in prosecuting securities
litigation involving financial fraud, representing investors throughout the
nation in securities and shareholder lawsuits. The attorneys at Levi &
Korsinsky have been appointed by numerous courts throughout the country to
serve as lead counsel on behalf of shareholders in major securities lawsuits
and have successfully recovered multimillion-dollar damages awards on behalf
of investors. For more information, please feel free to contact any of the
attorneys listed below. Attorney advertising. Prior results do not guarantee
similar outcomes.

Contact:

Levi & Korsinsky, LLP
Joseph Levi, Esq.
Eduard Korsinsky, Esq.
Tel: (212) 363-7500
Toll Free: (877) 363-5972
Fax: (866) 367-6510
www.zlk.com
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