HOMEFED ADDS NEW BOARD MEMBER, ACCEPTS RESIGNATION OF TWO

       HOMEFED ADDS NEW BOARD MEMBER, ACCEPTS RESIGNATION OF TWO
    SAN DIEGO, March 2 /PRNewswire/ -- HomeFed Corp. (NYSE: HFD), the parent company of HomeFed Bank, Federal Savings Bank, announced today that John E. Sheehan, 62, has been elected to the company's board of directors.  Unrelated to Sheehan's appointment, the company also announced the resignations of board members Terry Lingenfelder, 56, and David Dunn, 61.
    Sheehan is the founder, chairman and principal owner of Rhome Management Co., Johnstown, Penn., a holding company comprised of Johnstown Corp., C.C. Korns Co. and Williamsport Wirerope Works, Inc.
    An entrepreneur over the past 15 years, Sheehan has also founded and served as chairman of Empire Medical Technology Inc.; MORED Inc., a restaurant and motel operator; Connumah Petroleum Corp., and Four Diamonds Inc., a Pocono, Penn. mountain resort.
    From 1971 to 1975, he was a member of the board of governors of the Federal Reserve System.
    Sheehan received a bachelor of science degree in engineering from the U.S. Naval Academy and a master of business administration from Harvard Business School.  He served in the U.S. Navy as a naval aviator from 1952 to 1958.
    Sheehan is a member of the Pennsylvania Society, the Harvard Club of New York City, the Duquesne Club in Pittsburgh, and the Metropolitan Club, Washington, D.C.
    A native of Johnstown, Sheehan maintains residences in Laughlintown, Penn. and Washington, D.C. with his wife, Jean.  He has three adult children.
    "We are pleased to welcome Jack to HomeFed's board," said Kim Fletcher, HomeFed chairman.  "He brings to the board expertise in a variety of businesses, government experience and an East Coast perspective."
    Lingenfelder, who is president of Terral Investment Co., had served on HomeFed's board since 1974.  Dunn, managing partner of Idanta Partners Ltd., joined the board last year.
    "Terry has made tremendous contributions to HomeFed's board for almost 20 years.  Dave Dunn has provided the board with valuable insights over these recent crucial months," Fletcher said.  "It was Terry's and Dave's personal decisions to resign, and we will miss both of them greatly."
    HomeFed now has eight directors on its board.
    Founded in 1934, HomeFed Bank operates a network of 203 retail offices throughout California.
    -0-                     3/2/92
    /CONTACT:  Monica Wiley of Homefed, 619-450-7885/
    (HFD) CO:  Homefed Corp. ST:  California IN:  FIN SU:  PER

AL -- LA021 -- 4085 03/02/92 15:03 EST