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SFFED CORP REPORTS CALL OF MORTGAGE BACKED BONDS

 SFFED CORP REPORTS CALL OF MORTGAGE BACKED BONDS
 SAN FRANCISCO, Oct. 16 /PRNewswire/ -- SFFed Corp. (NASDAQ: SFFD),


the holding company for San Francisco Federal Savings and Loan Association today announced that the association has called 100 percent of its $100 million 10 3/8 percent series A Mortgage Backed Bonds effective Nov. 17, 1992. The bonds, which were issued in November 1987, were hedged by an interest rate swap which effectively reduced the cost of the bonds to LIBOR. The interest rate swap provides for identical call provisions as the bonds. The holder of the interest rate swap has called the swap which, in turn, has triggered the association's call of the bonds. The association intends to replace the bonds through alternative borrowings as necessary and the call of the bonds is not expected to have any material effect on the company.
 San Francisco Federal Savings and Loan Association is a $3.2 billion thrift which operates 35 savings branch offices and 10 loan centers in Northern and Central California.
 -0- 10/16/92
 /CONTACT: Paul Weinberg, 415-955-5814, or Lawrence Bell, 415-955-5804, both of SFFed/
 (SFFD) CO: San Francisco Federal Savings and Loan Association ST: California IN: FIN SU:


SG-TM -- SF007 -- 1081 10/16/92 15:46 EDT
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Publication:PR Newswire
Date:Oct 16, 1992
Words:208
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