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CARTERET CAPITAL PLAN APPROVED

 CARTERET CAPITAL PLAN APPROVED
 MORRISTOWN, N.J., March 2 /PRNewswire/ -- AmBase Corporation


(NYSE: ABC) announced today that the Office of Thrift Supervision (OTS) approved the capital plan submitted by Carteret Savings Bank, FA, a subsidiary of AmBase Corporation. The capital plan requires the infusion of sufficient equity capital through a private placement to achieve full compliance with all capital ratios required under the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA). As previously announced, Kidder, Peabody & Co. Incorporated and Merrill Lynch & Co. have been retained as private placement agents.
 The OTS has endorsed Carteret's recapitalization efforts and management expects that the OTS will work with the company and investors to complete a recapitalization in a timely manner. As a component of Carteret's capital plan, Carteret and the OTS have entered into an agreement which provides among other things that, at the discretion and on the timetable of the Northeast regional director of the OTS, if reasonable progress is not made and the recapitalization program is not successful, Carteret will be included in the Accelerated Resolution Program of the government.
 Richard A. Bianco, president and chief executive officer of AmBase and chairman, president and chief executive officer of Carteret, said "Carteret and the OTS have agreed upon this approach as the best method for preserving, enhancing and supporting Carteret's strong branch network, its core consumer business, its productive mortgage banking operations, its successful commercial asset management and its qualified new management team." Today's announcement does not affect depositors, whose deposits continue to be insured up to $100,000 by the Federal Deposit Insurance Corporation (FDIC), or any other customers and will not result in any interruption of banking or mortgage services.
 No terms for the private placement were announced. 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- 3/2/92
 /CONTACT: Donald E. Reinhard, senior vice president of Carteret Savings Bank, 201-263-3011, ext. 6450/
 (ABC) CO: AmBase Corporation; Carteret Savings Bank FA ST: New Jersey IN: FIN SU:


TS -- NY023 -- 3830 03/02/92 10:10 EST
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Date:Mar 2, 1992
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