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/C O R R E C T I O N -- SEARS MORTGAGE CORP./

 In NY116, Sears Mortgage promotes Naqvi to president and chief operating officer, moved yesterday, we are advised by a representative of the company that the second line should read "Saiyid T. Naqvi" rather than "Salyid T. Naqvi" as originally issued.
 The corrected release follows.
 VERNON HILLS, Ill., May 18 /PRNewswire/ -- Sears Mortgage Corp. (SMC) today named Saiyid T. Naqvi president and chief operating officer. Naqvi will continue to report to Walter C. Klein Jr., chairman and chief executive officer of the Sears Mortgage Banking Group.
 "The position of president and chief operating officer was created to manage the continued growth and evolution of our company," Klein said. "Sy Naqvi has been instrumental in the development of many of our outstanding products and key elements of our winning strategy," Klein added. "His leadership will help SMC maintain its position in the forefront of the competitive mortgage banking industry."
 Naqvi joined SMC in 1986 and was most recently executive vice president of asset allocation; he has also served as president and chief operating officer of Sears Mortgage Securities Corp. Prior to that, Naqvi was senior vice president of secondary marketing for Allstate Enterprises Mortgage Corp. He has also served as vice president of secondary marketing for Citicorp Homeowners, Inc., and as director of marketing for Liberty Financial Management.
 Naqvi holds a bachelor's degree in chemistry from the University of Missouri and a master's of business administration in finance and management from Southern Illinois University.
 With $11.75 billion in mortgage originations in 1992, SMC ranked as the seventh-largest retail residential mortgage originator in the nation, according to a survey by Inside Mortgage Finance. SMC services a mortgage portfolio of more than $28 billion.
 NOTE TO EDITORS: On May 11, PNC Bank Corp. (PNC) and Sears, Roebuck and Co. announced a definitive agreement for PNC to acquire the Sears Mortgage Banking Group (SMBG). The Sears Mortgage Banking Group is comprised of SMC, Sears Mortgage Securities Corp. and Sears Savings Bank. The purchase of SMBG is subject to regulatory approval, and the transaction is expected to close within four to six months.
 PNC is the 11th-largest banking organization in the United States, with $51.1 billion in assets at March 31, 1993, and more than 550 community banking offices throughout Pennsylvania, Delaware, Ohio, Kentucky and Indiana. PNC's major lines of business include retail banking; corporate banking; investment management and trust; and investment banking. PNC is headquartered in Pittsburgh.
 -0- 5/19/93
 /PRNewswire -- May 19/
 (S)


CO: Sears Mortgage Corp. ST: Illinois IN: FIN REA SU: PER

CK -- NY038 -- 0223 05/19/93 10:57 EDT
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Date:May 19, 1993
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