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AMBASE SEEKING TO PRIVATELY PLACE EQUITY FOR CARTERET

     AMBASE SEEKING TO PRIVATELY PLACE EQUITY FOR CARTERET
    MORRISTOWN, N.J., Feb. 18 /PRNewswire/ -- AmBase Corporation (NYSE: ABC) announced today  that it has retained Kidder, Peabody & Co. Incorporated and Merrill Lynch & Co. to privately place equity for its Carteret Savings Bank, FA subsidiary.
    As has been previously disclosed, AmBase has been investigating various approaches to returning Carteret to a fully phased in capital position.  The company has determined that a private placement is most likely to promptly achieve this objective and that, therefore, previously announced sale discussions with American Stock Transfer & Trust Company have ended.
    The Office of Thrift Supervision ("OTS") has endorsed Carteret's recapitalization efforts and management expects that the OTS will work with the company and investors to complete the recapitalization in a timely manner.
    "We remain confident that we are taking the right steps to strengthen Carteret," stated Richard A. Bianco, president and chief executive officer of AmBase and chairman, president and chief executive officer of Carteret.  "Carteret has a strong franchise -- particularly in New Jersey.  We have a strong retail office network.  During 1991, Carteret was the leading residential mortgage lender among banks in New Jersey.  Carteret also ranks as one of the top thrift institutions in the country at servicing mortgages for others."
    No specific timeframe or terms for the private placement were announced.  There can be no assurance that the foregoing private placement proposal, some modification thereof, or some other plan will be successful.
              -0-      2/18/92
    /CONTACT: Neil L. Cohen, executive vice president and chief financial officer of Ambase, 212-530-3443/
    (ABC) CO:  AmBase Corporation; Carteret Savings Bank FA ST:  New Jersey IN:  FIN SU:  FNC SB -- NY015 -- 9743 02/18/92 08:45 EST
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Publication:PR Newswire
Date:Feb 18, 1992
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