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ESSEX FINANCIAL PARTNERS, L.P., ANNOUNCES STATUS OF REORGANIZATION TRANSACTIONS

 VIRGINIA BEACH, Va., March 15 /PRNewswire/ -- Gene D. Ross, the chief executive officer of Essex Bancorp, indicated that he has been advised by PaineWebber Capital Inc. ("PWC") that PWC's offer to purchase the Essex Mortgage Corporation 11 percent Notes was accepted by the holders of more than 95 percent of the outstanding principal balance of the 11 percent Notes prior to the scheduled expiration of the offer to purchase on March 8, 1993. Ross reported that PWC has also advised him that although the minimum 95 percent acceptance threshold had been achieved, PWC has extended the offer to purchase until March 29, 1993, in order to allow remaining noteholders a further opportunity to consider the offer to purchase.
 Essex Financial Partners, L.P. (AMEX: ESX) (hereinafter the "Partnership"), announced on Feb. 1, 1993, that the Partnership and certain of its subsidiaries had entered into a Preliminary Agreement with PWC and certain of its affiliates intended to result in a substantial restructuring of certain of the Essex companies. At that time, the Partnership also announced the conditional approval by the Office of Thrift Supervision of the merger of its three savings bank subsidiaries.
 Ross cautioned that the parties are still negotiating the definitive agreements related to the recapitalization, and that a number of other conditions remain to be satisfied before the closings of the merger and recapitalization can take place. However, he indicated his hope that the closings of the recapitalization transactions, including the merger and PWC's purchase of the 11 percent Notes, would take place no later than April 1993.
 Although management is pleased by the progress on the recapitalization transactions, management is unaware of any significant development warranting the unusual recent activity in the Partnership's Units. In the absence of material developments, the Partnership does not anticipate making further public announcements until the definitive agreements relating to the recapitalization are executed by the parties.
 -0- 3/15/93
 /CONTACT: Essex Financial Partners, Investor Relations, 804-431-5612/
 (ESX)


CO: Essex Bancorp; PaineWebber Capital Inc.; Essex Mortgage
 Corporation; Essex Financial Partners, L.P. ST: Virginia IN: FIN SU:


TW -- DC015 -- 6031 03/15/93 12:40 EST
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Publication:PR Newswire
Date:Mar 15, 1993
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