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PROVIDENTIAL NAMES NEW MEMBER TO BOARD OF DIRECTORS

 PROVIDENTIAL NAMES NEW MEMBER TO BOARD OF DIRECTORS
 SAN FRANCISCO, April 16 /PRNewswire/ -- Providential Corp.


(NASDAQ: PHIP) provider of Lifetime Reverse Mortgages(TM), today announced the addition of Jack W. Carlson, 58, to its board of directors.
 Carlson is a former chief executive officer of the American Association of Retired Persons (AARP), as well as the National Association of Realtors (NAR), providing experience that Providential President and Chairman of the Board William J. Texido said the company will look to in pursuing continued growth and greater profitability.
 "Jack is an important addition to Providential's board," said Texido. "His particular involvement with AARP will provide us in- depth knowledge on a market we seek to please -- senior citizen homeowners."
 Carlson is currently the chief executive officer of Carlson Associates, a consulting company, and JCRC Inc., an investment firm, and also is chairman of the Center for Educational Competitiveness. He serves as a member of the board of directors for several organizations throughout the United States, including Advantage Inc., Americana Hotel & Realty (NYSE) and Countrywide Mortgage Investment (NYSE).
 Carlson also has held a number of government positions, including assistant director of the Office of Management and Budget.
 He received a bachelor's degree in history and a master's degree in business administration from the University of Utah in 1955 and 1957 respectively. Carlson also received a Ph.D. in economics and an MPA from Harvard University in 1963. He later fulfilled two fellowships at the university, in 1968 and in 1987.
 Carlson resides in Potomac, Md., with his wife Renee. They have seven children.
 Providential Corp. originates, funds, services and sells Lifetime Reverse Mortgages for qualifying senior citizen homeowners and is headquartered at Three Embarcadero Center, Suite 2350, San Francisco, Calif., 94111. Providential's toll-free phone number is 800-441-4428.
 -0- 4/16/92
 /CONTACT: William J. Texido of Providential Corp., 415-956-2700/ CO: Providential Corp. ST: California IN: FIN SU: PER


MM-RM -- SF007 -- 9498 04/16/92 16:39 EDT
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Date:Apr 16, 1992
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