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DOWNEY EVALUATES STRATEGIC ALTERNATIVES

 NEWPORT BEACH, Calif., July 23 /PRNewswire/ -- Maurice L. McAlister, chairman of the board of Downey Savings and Loan Association (NYSE: DSL), announced today that the board of directors of Downey has retained Lehman Brothers to assist the board of directors in evaluating a range of strategic alternatives to maximize shareholder value in the current environment including alternatives with respect to various real estate activities.
 In commenting on the retention of Lehman Brothers, McAlister stated, "In view of the rapidly changing nature of the financial services industry and the regulatory environment, the board of directors believes it is in the best interest of the company and its shareholders to retain Lehman Brothers to assist the directors in their ongoing business and financial analysis of the company and strategic alternatives for enhancing shareholder value."
 Downey Savings and Loan Association, headquartered in Newport Beach, with assets of $3.5 billion, has 52 offices throughout California.
 -0- 7/23/93
 /CONTACT: Robert L. Kemper, CEO, of Downey Savings and Loan Association, 714-509-4402/
 (DSL)


CO: Downey Savings and Loan Association; Lehman Brothers ST: California IN: FIN SU:

MF-JL -- LA006 -- 5016 07/23/93 09:03 EDT
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Publication:PR Newswire
Date:Jul 23, 1993
Words:191
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