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FIRST FEDERAL BANK ACQUIRES COLUMBIA SAVINGS' WESTERN SLOPE BRANCHES

 LAKEWOOD, Colo., Feb. 4 /PRNewswire/ -- First Federal Savings Bank of Colorado and First Nationwide Financial Corp. have announced the signing of a definitive agreement for First Federal to acquire $175 million in retail deposits from the Columbia Savings branches in Grand Junction, Delta and Montrose, Colo.
 The agreement is subject to approval by federal regulatory authorities. The transaction is expected to close in the second quarter of 1993.
 "We have been looking for an opportunity to expand our business to the Western Slope," said Malcolm E. Collier Jr., chairman and chief executive officer for First Federal. "This is a strong market that provides growth and profit potential for our company."
 First Federal will keep Columbia's offices open in their current locations. The branches will operate under the First Federal name when the sale closes later this year.
 "We plan to make the transition as smooth as possible for Columbia's customers," Collier said. "We look forward to serving Columbia's customers, and we think they will be pleased by the broader range of consumer products our bank offers."
 "Although Colorado is an attractive market," said John Devine, chairman and chief executive officer of First Nationwide, "our long-term strategy is to focus our distribution on fewer markets. We believe First Federal Bank is an outstanding organization that will serve our Western Slope customers well."
 First Federal is Colorado's oldest and largest thrift institution. It was established in Denver in 1885. The bank converted to a public company in 1992. Total assets stand at $960 million. Net income for 1992 was a record $14 million or $3.36 per share. Total capital is $86.1 million, 9 percent of assets.
 First Federal has 15 branches in Metro Denver, and one each in Brighton, Greeley, Loveland, Louisville and Lamar, Colo.
 -0- 2/4/93
 /CONTACT: Malcolm Collier of First Federal Savings Bank of Colorado, 303-232-2121/


CO: First Federal Savings Bank of Colorado; First Nationwide Financial
 Corp. ST: Colorado IN: FIN SU: TNM


BB -- DV006 -- 3265 02/04/93 18:42 EST
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Publication:PR Newswire
Date:Feb 4, 1993
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