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AMBASE REPORTS CONTINUED PROGRESS ON CARTERET RECAPITALIZATION EFFORTS

 AMBASE REPORTS CONTINUED PROGRESS ON
 CARTERET RECAPITALIZATION EFFORTS
 MORRISTOWN, N.J., July 6 /PRNewswire/ -- AmBase Corporation (NYSE: ABC) announced today that as anticipated Carteret Savings Bank, FA, its principal operating subsidiary, has received additional time from the Office of Thrift Supervision (OTS) in order to pursue an unassisted recapitalization of the bank. The OTS has now established late August as the new time frame for Carteret to demonstrate additional progress.
 "Our efforts are now focused on discussions with specific investors that have a serious interest in the Bank," stated Richard A. Bianco, president and chief executive officer of AmBase and Chairman, president and chief executive officer of Carteret. "There are several different groups that are now conducting due diligence."
 No target date has been established for completion of the recapitalization program. There can be no assurance that the private placement proposal, some modification thereof, or some other plan which preserves shareholder value will be successful.
 -0- 7/6/92
 /CONTACT: Donald E. Reinhard of Carteret Savings Bank, 201-263-3011, ext. 6450/
 (ABC) CO: AmBase Corporation; Carteret Savings Bank FA ST: New Jersey IN: FIN SU:


TS -- NY006 -- 6504 07/06/92 08:16 EDT
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Publication:PR Newswire
Date:Jul 6, 1992
Words:193
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