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STUTZ RESIGNS FROM HOMEFED TO HEAD INVESTOR GROUP TO BUY THE THRIFT

 SAN DIEGO, July 14 /PRNewswire/ -- James E. Stutz, managing director of HomeFed Bank's retail banking group, today announced his resignation from the bank. Stutz said he has resigned in order to lead a group of investors who will make a bid to acquire the San Diego-based thrift from the Resolution Trust Corp. (RTC).
 "My goal is to keep HomeFed locally managed and operated," Stutz said. "I will be coordinating the activities of the investment banker, the San Diego Economic Development Corp. and our community leaders to ensure that a successful offer is prepared and accepted."
 Stutz, 50, is a 22-year veteran of HomeFed. He joined the company in 1971 as an assistant vice president. During the next 14 years, he held a variety of positions within the banking group.
 In 1985, he was appointed chief operating officer and executive vice president of consumer banking, overseeing the bank's statewide branch network, which at one point reached 212 offices and more than $13 billion in deposits. He also served as chairman, president and chief executive officer of Columbus Savings from 1988 until a merger with HomeFed was concluded in 1990.
 Stutz has been the only HomeFed executive manager to maintain his position under both former presidents and chief executive officers Robert F. Adelizzi and Thomas J. Wageman and the RTC's managing agent in charge, Elliot Riviere.
 "The employees of HomeFed Bank are deserving of one last opportunity to see their dreams for HomeFed realized," Stutz said. "Our community, our clients, our families and many others have paid a dear price with the failure of HomeFed, and now it's time to rebuild a great corporate citizen for our community. With the support of the entire San Diego community, this will happen."
 Stutz began his banking career in 1964 as assistant vice president and manager of Fidelity Federal Savings and Loan in Glendale, Calif., after attending the University of Nebraska.
 -0- 7/14/93
 /CONTACT: Jim Stutz (after 12 p.m.), 619-239-3094; or Ron Phillips of San Diego Economic Development Corp., 619-234-8484/


CO: HomeFed Bank; San Diego Economic Development Corp. ST: California IN: FIN SU:

EH-LS -- SD001 -- 1387 07/14/93 12:03 EDT
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Publication:PR Newswire
Date:Jul 14, 1993
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