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NEW HORIZONS SAVINGS DECLARES INITIAL CASH DIVIDEND OF $.04 PER SHARE

 SAN RAFAEL, Calif., Sept. 22 /PRNewswire/ -- New Horizons Savings (NASDAQ: NHSL) today announced its Board of Directors declared the first cash dividend in the Association's 13-year history. The board declared a $.04 per share dividend that is payable Oct. 29, 1993, to shareholders of record Oct. 5, 1993.
 "Because of our improved asset quality, positive earnings results, and strong capital position, the Board decided it was appropriate for us to initiate a cash dividend this quarter. Over the past three years we have made major strides in strengthening the balance sheet, improving operations and reducing the level of non-performing loans," stated James W. Barnett, chairman and chief executive officer.
 "As earnings improve and asset quality improves, the Board hopes to pay cash dividends on a regular quarterly basis and views this as one method of improving shareholder value," Barnett added.
 New Horizons earned $1.6 million, or $.74 per share, in the first half of 1993. Non-performing assets totaled only 1.94 percent of assets at June 30, 1993, which compares favorably with the California average, as compiled by William C. Ferguson & Co., of 5.14 percent at March 31 of this year and is down from over 4 percent at the end of 1991. The Association's tangible capital ratio is 7.22 percent and its risk-based capital ratio is 13.02 percent, both above regulatory minimums.
 New Horizons Savings is a two-branch institution headquartered in Marin County, Calif. New Horizons primarily operates in Marin and the adjacent counties, immediately north of the Golden Gate Bridge. The core of New Horizon's business is providing customized loans for homes and for home construction, which is a market niche that most of the major banks in Northern California have vacated. Yesterday, the Association's stock closed the trading day at $7.25 (bid) per share.
 -0- 9/22/93
 /CONTACT: James W. Barnett, Chairman & CEO, 415-457-6990/
 (NHSL)


CO: New Horizons Savings ST: California IN: FIN SU: DIV

JB-EH -- LA013 -- 4637 09/22/93 11:06 EDT
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Publication:PR Newswire
Date:Sep 22, 1993
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