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ALLIED SAVINGS BANK RECEIVES 'OUTSTANDING' RATING ON CRA ACTIVITIES FROM REGULATORS

 SANTA ROSA, Calif., June 22 /PRNewswire/ -- Redwood Empire Bancorp (AMEX: REB) today announced that Allied Savings Bank, its wholly owned subsidiary, received an "Outstanding" rating from the Office of Thrift Supervision (its primary regulatory agency) on its efforts to meet community credit needs. The rating is the highest of four assigned by bank regulatory agencies that monitor compliance with provisions of the Community Reinvestment Act of 1977 (CRA).
 The rating is based on an assessment of the institution's record of ascertaining and meeting the credit needs of its entire community, including low- and moderate-income neighborhoods, in a manner consistent with its resources and capabilities.
 "This simply recognizes the commitment we've made to provide means of homeownership," said Terance O'Mahoney, president and chief executive officer of Allied Savings Bank. "Due to our counseling efforts, we have been able to balance good asset quality and profitability through our CRA programs."
 The company was one of the first mortgage lenders in the area to participate in the Community Homebuyers Program, sponsored by the


Federal Nati @ ` Q 9d training sessions, where they learn what to look for in a home and how to qualify for a mortgage. Since the program's beginning in 1991, over 800 individuals have completed the training at Allied. Additionally, Allied frequently uses its portfolio funds to provide home financing for those unable to qualify for secondary market ho>)L( ++ M 9tly received the Nestle Silver Bowl Award for its sponsorship of the Helping Hands Classroom Volunteers program. Sponsorship includes providing financial support to purchase books and other training materials to two Sonoma County schools with a large population of ethnically diverse children from lower-income families. Additionally, interested employees are permitted to spend a few hours a week during company time volunteering as reading tutors in these schools.
 "We have an obligation to support the communities in which our customers, employees and many shareholders live," continued O'Mahoney. "There is much to be done in our neighborhoods, and we remain committed to serving community needs, alongside providing an attractive return to our shareholders."
 Allied Savings Bank, F.S.B. has three retail mortgage lending operations in Ukiah, Santa Rosa and Lakeport and four wholesale mortgage offices in Sacramento, San Jose, Santa Rosa and Fresno, Calif. Redwood Empire Bancorp is the holding company for Allied Savings Bank, and National Bank of the Redwoods, a commercial bank also headquartered in Santa Rosa.
 -0- 6/22/93
 /CONTACT: Doug Sherk or Jenifer Kirtland, 415-296-7383, or Michele Katz or Miriam Adler, 212-850-5600, all of Morgen-Walke for Redwood Empire Bancorp/
 (REB)


CO: Redwood Empire Bancorp; Allied Savings Bank F.S.B. ST: California IN: FIN SU:

TM-GT -- SF001 -- 4330 06/22/93 07:40 EDT
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Publication:PR Newswire
Date:Jun 22, 1993
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