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AMERICA FIRST FINANCIAL FUND 1987-A ANNOUNCES EARNINGS

 OMAHA, Neb., July 27 /PRNewswire/ -- America First Financial Fund 1987-A (NASDAQ-NMS: AFFFZ) reported earnings of $5.3 million for the quarter ended June 30, 1993, compared to $5.1 million for the same quarter in 1992. The fund's net income is generated from its wholly owned financial institution, EurekaBank. Located in Foster City, Calif., EurekaBank has 36 branches in the greater San Francisco Bay area, with $2.4 billion in total assets.
 Earnings for the second quarter of 1993 represent an annualized return on investment of approximately 18 percent on initial capital of $120 million. Investors earned $.78 and $1.56 per unit for the quarter and six months ended June 30, 1993, compared to $.76 and $1.51 per unit for the same periods in 1992, respectively. The fund paid total distributions of $.40 in each of the first two quarters, which represents an annualized rate of $1.60 per unit, with additional earnings being retained at EurekaBank. The book value per unit at June 30, 1993, was $25.36 compared to a book value of $24.60 per unit at Dec. 31, 1992. The book value of the units has increased each quarter from a book value of $17.25 at the time Financial Fund 1987-A acquired EurekaBank in May 1988.
 The credit performance of EurekaBank's loan portfolio continues to be very strong. The ratio of loans which were delinquent 30 days or more as a percentage of total loans was 1.05 percent as of June 30, 1993, compared to .95 percent as of Dec. 31, 1992. Non-performing assets (loans which were 90 days or more delinquent and real estate acquired through foreclosure) as a percentage of total assets were .55 percent at June 30, 1993, compared to .47 percent at Dec. 31, 1992. EurekaBank's ratios are well below industry averages of 5.20 percent for loans delinquent 30 days or more and 4.64 percent for non-performing assets as of Dec. 31, 1992 for thrifts located in the 11th District. The strong credit performance of EurekaBank's loan portfolio is attributed to the emphasis on high credit standards and one- to four- unit residential lending.
 The Assistance Agreement between EurekaBank and the FDIC expired on May 27, 1993. As part of the 1988 Assistance Agreement, the FDIC indemnified EurekaBank for losses related to a portfolio of approximately $200 million in non-performing real estate loans and real estate owned (covered assets). Immediately prior to the termination of the Assistance Agreement, covered assets were written down to fair values of $6.7 million and EurekaBank was reimbursed for the difference between fair value and book value by the FDIC. Of the remaining $6.7 million and former covered assets, $1.9 million are now in a non- performing status. This termination of the government assistance had a minimal balance sheet impact, increasing non-performing assets by only .08 percent.
 Separately, the EurekaBank board of directors announced that Mariann Byerwalter has been named chief financial officer effective July 17. Byerwalter, who was heavily involved in the original purchase of EurekaBank from the government, has been a member of both EurekaBank and America First Eureka Holdings Inc. boards of directors since the acquisition in 1988. Prior to assuming her new responsibilities, Byerwalter was executive vice president in charge of Corporate Development and Strategic Planning and a member of the EurekaBank board's Asset & Liability Committee. Rellen Stewart, the former chief financial officer, is leaving the bank to become president and chief operating officer of American Credit Corp., a newly founded company in Del Mar, Calif.
 -0- 7/27/93
 /CONTACT: Stephen T. McLin of America First, 415-982-3800/
 (AFFFZ)


CO: America First Financial Fund 1987-A; EurekaBank ST: Nebraska, California IN: FIN SU: ERN

JB-LM -- LA043 -- 6406 07/27/93 16:22 EDT
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Date:Jul 27, 1993
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/C O R R E C T I O N -- America First Financial Corp./(Correction Notice)

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