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CONTINENTAL SAVINGS OF AMERICA ANNOUNCES CONTINUATION OF REAL PROPERTY EARLY DISPOSITION PROGRAM

 SAN FRANCISCO, July 8 /PRNewswire/ -- Chairman of the Board Charles A. Chenes of Continental Savings of America (NASDAQ: CSAV) announced today the continuation of a program for the early disposition of its real property acquired through foreclosure.
 The program, begun in April 1993, resulted in the sale of approximately $6.2 million of property after discounting property sales prices by $900,000. It is expected that a further discounting and addition to reserves totaling approximately $4.0 million will permit a significant reduction of remaining foreclosed assets. Chenes added, "The value of certain other assets has declined by approximately $1.0 million due to a reduction in interest rate levels which encouraged borrowers to refinance their mortgages."
 The combined after-tax charge to earnings of $3.0 million will be recorded in June and will result in a loss for the second quarter of 1993. "Although the board initially had planned on a 12-18 month disposition program," said Chenes, "it now feels that a more aggressive timetable with additional discounting would free up managerial time, reduce related maintenance and operating expense, and permit more time to be devoted to implementing the expansion and diversification of our loan office network." Chenes emphasized that "the Association will remain in compliance with all regulatory capital requirements."
 Continental Savings ("CSAV") 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 and in New York with assets of $513 million. Its principal business consists of originating loans secured by existing single-family residences for sale in the secondary mortgage market.
 -0- 7/8/93
 /CONTACT: Ralph Christy of Continental Savings, 415-274-3043/
 (CSAV)


CO: Continental Savings of America ST: California IN: FIN SU:

LH- -- SF002 -- 9282 07/08/93 06:00 EDT
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Publication:PR Newswire
Date:Jul 8, 1993
Words:303
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