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GREAT WESTERN TO CLOSE PHOENIX BRANCH; COMMITMENT REMAINS STRONG TO HOME LENDING OPERATION

 CHATSWORTH, Calif., Feb. 9 /PRNewswire/ -- Great Western Bank announced today that it will close its only Arizona banking branch, located in Phoenix, on Friday, May 14, 1993, and discontinue its branch banking operations in that state.
 However, the company said it is very pleased with the success of its home lending operation in Arizona, and remains committed to serving the state with a network of home loan offices located in Phoenix, Tucson and Mesa, Ariz.
 The company said the closure will enable it to focus on its long- term strategy of building branch networks in the California and Florida markets where it has the opportunity to develop economies of scale.
 Great Western Bank customers with certificates of deposit will have the option of withdrawing principal and accrued interest without penalty regardless of the maturity date or transferring their funds to the company's Beverly Hills, Calif., branch with no change in interest rates or maturity dates.
 Retirement accounts also can be transferred to Great Western's Beverly Hills branch or to other financial institutions through plan- to-plan transfers. Distributions can be made without interest forfeiture; however, federal and state income tax and applicable penalties may apply to the amount distributed if not rolled over to another retirement plan within 60 days of the distribution.
 Checking and savings accounts will be discontinued as of the branch closing date, and remaining balances will be mailed to customers no later than May 21, 1993.
 Customers will be notified individually regarding their accounts and options available to them. For more information, customers can call 602-956-6522.
 Great Western Bank is the principal subsidiary of Great Western Financial Corp., a diversified financial services company. With assets of more than $38 billion, Great Western operates nearly 1,100 mortgage lending, retail banking and consumer finance offices in 31 states.
 -0- 2/9/93
 /CONTACT: Steve Hawkins, 818-775-3766, or Linda Mueller, 818-775-3653, both of Great Western/


CO: Great Western Bank; Great Western Financial Corp. ST: Arizona IN: FIN SU:

MS-JL -- LA007 -- 4644 02/09/93 11:58 EST
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Publication:PR Newswire
Date:Feb 9, 1993
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