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FIRST FEDERAL SAVINGS BANK ACQUIRES HERITAGE SAVINGS BANK

 FIRST FEDERAL SAVINGS BANK ACQUIRES HERITAGE SAVINGS BANK
 SALT LAKE CITY, Aug. 17 /PRNewswire/ -- First Federal Savings Bank (NASDAQ: FFUT) announced today the completion of its previously announced acquisition of Heritage Savings Bank's Salt Lake County offices. Heritage Savings Bank is headquartered in St. George, Utah.
 Gerald R. Christensen, chairman of First Federal Savings Bank, said the acquisition consists of two Heritage Savings branches located at the ZCMI Center and the Olympus Hills Shopping Center. The ZCMI Center branch will be closed, and the accounts will be moved to First Federal's nearby Eagle Gate branch office. The Heritage Savings' branch in the Olympus Hills Shopping Center will remain open as a First Federal branch office.
 Christensen also said the acquisition of these profitable branches should have a positive impact on earnings and will give First Federal customers an additional location for excellent service. This will be the fourth acquisition by First Federal during the past 24 months.
 H. Brent Beesley, chairman of Heritage Savings Bank said, "Although Heritage Savings Bank is strong and profitable, we believe our Salt Lake customers and employees will be better served by First Federal's wider variety of lending and deposit products and services and by its much larger branch network." Heritage will continue its operations in St. George, where Heritage was established 75 years ago.
 The transaction will add approximately $24 million in deposits. First Federal continues to exceed all regulatory capital requirements.
 -0- 8/17/92
 /CONTACT: Richard A. Fisher of First Federal Savings, 801-366-2202/
 (FFUT) CO: First Federal Savings Bank; Heritage Savings Bank ST: Utah IN: FIN SU: TNM


BB -- DV004 -- 0475 08/17/92 11:41 EDT
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Publication:PR Newswire
Date:Aug 17, 1992
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