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MARGARETTEN FINANCIAL NAMES BRUCE SCHNELWAR EXECUTIVE VICE PRESIDENT

 PERTH AMBOY, N.J., Jan. 15 /PRNewswire/ -- Margaretten Financial Corporation (NYSE: MRG), a leading residential mortgage banking company, announced today that Bruce Schnelwar has been promoted to executive vice president and chief financial officer. Mr. Schnelwar has served as senior vice president and chief financial officer since joining the company in November 1991.
 Prior to joining Margaretten, Mr. Schnelwar served as the chief financial and administrative officer of Rayner & Stonington, L.P., a commodity trading and money management firm. He previously held the position of chief operating officer of Philipp Brothers, Inc. and various executive positions at Goldman, Sachs and Co. and its J. Aron Commodities division. Prior to 1981, Mr. Schnelwar was a partner at Arthur Young & Co., a major international accounting firm.
 David Frank, president and chief operating officer of Margaretten, said, "Bruce Schnelwar has proven to be a superior leader of our financial function and an important contributing member of our executive management team. He played a key role in our initial public offering, secured the requisite bank agreements involved in that transaction, and arranged the financing of Margaretten's recent servicing acquisition from NationsBank."
 Margaretten Financial Corporation, through its mortgage banking subsidiary, Margaretten & Company, Inc., engages in the origination, purchase, sale and servicing of residential mortgage loans. For the 12 months ended Dec. 31, 1992, Margaretten's loan volume was approximately $7.5 billion.
 -0- 1/15/93
 /CONTACT: Michele Katz or Jill Moskowitz of Morgen-Walke Associates, 212-986-5900, for Margaretten Financial Corporation/
 (MRG)


CO: Margaretten Financial Corporation ST: New Jersey IN: FIN SU: PER

TS -- NY002 -- 5207 01/15/93 08:30 EST
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Publication:PR Newswire
Date:Jan 15, 1993
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