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AMERICAN SAVINGS REACHES AGREEMENT IN PRINCIPLE TO SELL INVESTMENT IN BONDS

 AMERICAN SAVINGS REACHES AGREEMENT IN PRINCIPLE
 TO SELL INVESTMENT IN BONDS
 MIAMI, Jan. 22 /PRNewswire/ -- American Savings of Florida, F.S.B. (NASDAQ: ASLA) announced that American Savings and Russell Corporation have reached an agreement in principle for the purchase by Russell of American Savings' interest in certain industrial development revenue bonds issued by the Industrial Development Board of the City of Montgomery, Ala. ("IDB") to finance the construction of a warehouse facility in Montgomery, Ala., subleased to Enstar Specialty Retail.
 The transaction as contemplated is subject to numerous contingencies and approvals, including approval from the Office of Thrift Supervision, the IDB and the Bankruptcy Court in the Enstar Specialty Retail case. If a definitive purchase agreement is not executed within 30 days, either party may terminate negotiations.
 If the transaction is consummated as currently contemplated, Russell will own the bonds and will occupy and, in substance, lease the warehouse.
 -0- 1/22/92
 /CONTACT: Stephen D. Taylor, president of American Savings of Florida, F.S.B., 305-770-2097/
 (ASLA) CO: American Savings of Florida, F.S.B. ST: Florida IN: FIN SU:


AW-SS -- FL014 -- 2514 01/22/92 17:09 EST
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Publication:PR Newswire
Date:Jan 22, 1992
Words:191
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