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AMERICAN SAVINGS RECEIVES CONDITIONAL APPROVAL OF CAPITAL PLAN

 AMERICAN SAVINGS RECEIVES CONDITIONAL APPROVAL OF CAPITAL PLAN
 MIAMI, Dec. 16 /PRNewswire/ -- American Savings of Florida, F.S.B. (NASDAQ: ASLA) has been notified by the Office of Thrift Supervision ("OTS") that its capital plan, as amended on Dec. 6, 1991, has been accepted, and that its request for exemption from certain sanctions and penalties as a result of its not meeting required capital standards (the "capital exemption") has been approved, subject to the following conditions: American Savings must consent by Jan. 10, 1992 to the entry of a capital directive by OTS and must immediately make diligent and good faith efforts (as set forth in the directive) to seek additional capital to bring it into compliance with applicable capital standards. In addition, American Savings must comply with the following operating provisions: It must engage only in activities specified in its amended capital plan, may not increase its assets, and must otherwise operate as set forth in the capital directive. The recent amendment to the capital plan contains revised projections based upon current interest rate assumptions and reflects the substitution for liquid assets of specified investments generally permitted for federal savings banks but in which American Savings was previously not permitted by OTS to invest, pending acceptance of its capital plan.
 The capital exemption will terminate on June 30, 1992, unless earlier terminated by OTS. The capital directive will be effective on July 1, 1992, at which time American Savings must comply with all capital standards in effect on that date, in addition to continuing to comply with the operating provisions, which become effective immediately.
 Acceptance of the capital plan and approval of the capital exemption do not mean that American Savings is operating in compliance with current capital requirements or that OTS has waived any rights to take supervisory or enforcement action it determines appropriate, including seeking sanctions or penalties for unsafe or unsound practices (other than failure to comply with statutory capital standards). In addition, any operating restrictions previously imposed on American Savings generally remain in full force and effect.
 At Sept. 30, 1991, the deficiency in American Savings' core capital was $4,857,000, and the deficiency in its tangible capital was $15,293,000; however, as of that date, American Savings exceeded its risk-based capital requirement.
 American Savings' Board of Directors is reveiwing the correspondence from OTS and the proposed capital directive and will determine American Savings' response within the required period. American Savings is continuing to operate in compliance with the terms of its amended capital plan.
 American Savings of Florida, F.S.B., with $3.4 billion in assets, operates a network of 34 retail offices in Dade, Broward and Palm Beach counties. American Savings common stock is traded in the NASDAQ over-the-counter market under the symbol ASLA.
 -0- 12/16/91
 /CONTACT: Alan B. Goldstein, executive vice president and general counsel of American Savings of Florida, F.S.B., 305-770-2093/
 (ASLA) CO: American Savings of Florida, F.S.B. ST: Florida IN: FIN SU:


SS-AW -- FL003 -- 2404 12/16/91 09:45 EST
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Publication:PR Newswire
Date:Dec 16, 1991
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