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CTL CREDIT INC. TO MAKE INITIAL PUBLIC OFFERING

 SANTA BARBARA, Calif., April 27 /PRNewswire/ -- CTL Credit Inc. (NASDAQ: CTLI) announced today that it has filed a registration statement with the Securities and Exchange Commission for an initial public offering of 3,000,000 shares of common stock.
 According to the company, Montgomery Securities of San Francisco will underwrite the offering. The initial offering price of the common stock has not been set.
 The company will use proceeds of the offering to purchase all the outstanding stock of California Thrift and Loan, a 34-year-old, FDIC- insured thrift and loan with 17 offices throughout California. Through these offices and its seven offices in Arizona, Colorado, New Mexico, Oregon and Texas, the company will continue to offer auto, real estate and lease financing in the western United States.
 California Thrift and Loan is currently a wholly owned subsidiary of California Federal Bank FSB, the nation's fifth-largest publicly traded savings institution.
 A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.
 This news release does not constitute either an offer to sell or a solicitation of an offer to buy nor shall there by any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. The offering will be made only by prospectus. Copies of the prospectus may be obtained from Montgomery Securities.
 -0- 4/27/93
 /CONTACT: Robert O. Heavner or James D. Emerson of CTL Credit, 805-963-8743/
 (CTLI)


CO: CTL Credit Inc. ST: California IN: FIN SU: OFR

EH-KJ -- LA007 -- 1194 04/27/93 09:34 EDT
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Copyright 1993 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Apr 27, 1993
Words:301
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