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ALLIED SAVINGS BANK REPORTS 122-PERCENT INCREASE IN MORTGAGE ORIGINATIONS FOR JULY

 SANTA ROSA, Calif., Aug. 3 /PRNewswire/ -- Redwood Empire Bancorp (AMEX: REB) today announced that mortgage originations at Allied Savings Bank, its wholly owned subsidiary, rose 122 percent in July, compared to July 1992.
 Mortage originations in July 1993 totalled $134.1 million compared to $60.3 million in July of the prior year. Recent results included originations from five wholesale mortgage lending offices in Sacramento, San Jose, Santa Rosa, Fresno and San Ramon. The Fresno and San Ramon operations were opened in June and July, respectively. Also included were mortgage originations in three retail lending offices in Ukiah, Santa Rosa and Lakeport.
 "Our growth reflects continued market penetration, especially in our wholesale operations," said Terance O'Mahoney, president and chief executive officer of Allied Savings Bank. "Even our two newest wholesale lending offices, though not quite fully operational, contributed to originations in July, and we anticipate a much greater contribution in the coming months."
 Redwood Empire Bancorp is the holding company for Allied Savings Bank, F.S.B., a savings bank, and National Bank of the Redwoods, a commercial bank.
 -0- 8/3/93
 /CONTACT: Doug Sherk or Jenifer Kirtland, 415-296-7383, or David Walke or Miriam Adler, 212-850-5600, all of Morgen-Walke, for Redwood Empire Bancorp/
 (REB)


CO: Redwood Empire Bancorp; Allied Savings Bank ST: California IN: FIN SU:

GT-SG -- SF003 -- 8631 08/03/93 06:30 EDT
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Publication:PR Newswire
Date:Aug 3, 1993
Words:226
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