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CONTINENTAL SAVINGS OF AMERICA ACQUIRES ASSETS OF CAPITAL FIRST MORTGAGE

 SAN FRANCISCO, June 8 /PRNewswire/ -- Continental Savings of America (NASDAQ: CSAV) announced today that it has acquired the loan pipeline of Capital First Mortgage Corp. following approval of the purchase by the United States Bankruptcy Court for the Southern District of New York, in connection with Capital First's reorganization. Capital First is a New York-based wholesale mortgage company that purchased residential loans for delivery into the secondary mortgage market.
 According to Charles A. Chenes, chairman, president and chief executive officer, "This acquisition in connection with our opening of a loan agency in New York is our first step in expanding Continental's mortgage banking operations into major regional markets." He added, "Certain key former officers and employees of Capital First have agreed to join Continental Savings, and in combination with our financial resources and expanded product line, we will be able to deliver better service and pricing to Capital First's former correspondent network."
 Continental Savings is a federally chartered savings and loan association that operates six savings branch offices in the San Francisco area and 26 loan origination offices in Northern and Southern California with assets of $545 million. Its principal business consists of originating loans secured by existing single-family residences for sale in the secondary mortgage market.
 -0- 6/8/93
 /CONTACT: Ralph Christy of Continental Savings, 415-274-3043/
 (CSAV)


CO: Continental Savings of America; Capital First Mortgage Corp. ST: California, New York IN: FIN SU: TNM

GT-SG -- SF003 -- 6310 06/08/93 06:00 EDT
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Publication:PR Newswire
Date:Jun 8, 1993
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