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ALLIED SAVINGS BANK SETS RECORD IN MONTHLY MORTGAGE ORIGINATIONS IN AUGUST

 SANTA ROSA, Calif., Sept. 7 /PRNewswire/ -- Redwood Empire Bancorp (AMEX: REB) today announced that mortgage originations in Aug. 1993 at Allied Savings Bank, its wholly owned subsidiary, reached a monthly record of $185 million. This represents an increase of 120 percent over the $84 million in mortgage originations in Aug. 1992.
 "We are pleased with the continued growth of our mortgage originations, which year-to-date through August, have exceeded the $1 billion mark," said Terance O'Mahoney, president and chief executive officer of Allied Savings Bank. "Our strategy of opening wholesale mortgage offices in growth markets in northern California is proving to be successful for the company, and we anticipate further growth as several of our new offices become fully operational."
 Allied Savings has five wholesale mortgage lending operations in Sacramento, San Jose, Santa Rosa, Fresno and San Ramon. The Fresno and San Ramon offices opened in June and July, respectively. Allied also operates three retail mortgage offices in Ukiah, Santa Rosa and Lakeport.
 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- 9/7/93
 /CONTACT: Doug Sherk or Jenifer Kirtland, 415-296-7383, or Michele Katz or Miriam Adler, 212-850-5600, all of Morgen-Walke Associates for Redwood Empire Bancorp/
 (REB)


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

LH-TM -- SF002 -- 9136 09/07/93 06:30 EDT
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Publication:PR Newswire
Date:Sep 7, 1993
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