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FREMONT GENERAL ANNOUNCES SIGNIFICANT THIRD QUARTER EVENTS

 FREMONT GENERAL ANNOUNCES SIGNIFICANT THIRD QUARTER EVENTS
 SANTA MONICA, Calif., Aug. 21 /PRNewswire/ -- The combination of three actions by Fremont General Corp. (NASDAQ: FRMT) and two of its subsidiaries in its third quarter will cut annual expenses by an estimated $7 million, the company said.
 On Oct. 1, 1992, Fremont General Corp. will retire $16.5 million of its 11-1/4 senior subordinated debentures due in 1995. The $16.5 million reduction represents twice the amount required under the sinking fund provision within the indenture. The company estimates that this will reduce annual net interest expense by approximately $1.2 million.
 During the third quarter of 1992, Fremont Pacific Insurance Group, the company's workers' compensation insurance underwriting unit, consolidated its Sacramento and San Bernardino claims offices into the San Francisco and Glendale offices, respectively. Over the past two years, Fremont Pacific has reduced the number of claims processing offices by 50 percent. Additionally, effective August 1992, Fremont Pacific's data processing operation will be outsourced to Electronic Data System. The above actions allowed Fremont Pacific to improve its operating efficiency and reduce its work force by 11 percent, with further expense reduction anticipated by management. Through office consolidations over the past 24 months, Fremont Pacific has reduced its work force by 30 percent.
 Effective Aug. 3, 1992, all Midwestern field operations of Fremont Financial Corp. were consolidated into the Chicago regional office. This allowed Fremont Financial to reduce its work force by 23 percent and its operating expense by approximately 15 percent or $2 million.
 -0- 8/21/92
 /CONTACT: Wayne Bailey, CFO of Fremont General, 310-315-5500/
 (FRMT) CO: Fremont General Corp. ST: California IN: INS SU:


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Publication:PR Newswire
Date:Aug 21, 1992
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