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QUAKER CITY FEDERAL SAVINGS AND LOAN ASSOCIATION COMPLETES CONVERSION TO STOCK SAVINGS AND LOAN ASSOCIATION

 WHITTIER, Calif., Dec. 30 /PRNewswire/ -- Quaker City Bancorp, Inc., the holding company for Quaker City Federal Savings and Loan Association, announced today the completion of the offering of common stock in connection with the Association's conversion from a federally chartered mutual savings and loan association to a federally chartered stock savings and loan association. Quaker City Federal Savings' Plan of Conversion was approved by its members at a Special Meeting held on Dec. 20, 1993. Trading in the stock is expected to commence today on the NASDAQ National Market System under the symbol "QCBC."
 Through a Subscription and Community Offering, Quaker City Bancorp, Inc. sold 4,140,000 shares of common stock at $7.50 per share, raising $31.0 million in gross proceeds.
 Headquartered in Whittier, Quaker City Federal had assets of $488.2 million and retained earnings of $41.8 million at Sept. 30, 1993.
 -0- 12/30/93
 /CONTACT: J.L. Thomas, president and chief executive officer of Quaker City, 310-907-2200/
 (QCBC)


CO: Quaker City Federal Savings and Loan Association; Quaker City
 Bancorp, Inc. ST: California IN: FIN SU:


LG-MP -- NY016 -- 8066 12/30/93 12:54 EST
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Publication:PR Newswire
Date:Dec 30, 1993
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