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CITADEL HOLDING CORP. ANNOUNCES RIGHTS OFFERING

 GLENDALE, Calif., Feb. 12 /PRNewswire/ -- Citadel Holding Corporation (AMEX: CDL) announced today that it has begun distribution of transferable subscription rights to its stockholders to purchase additional shares of Citadel common stock. Under the terms of the offering stockholders will be allowed to purchase one additional share of common stock for each share owned as of the record date -- Feb. 12, 1993. The purchase price for the new shares is $10.00 per share. If the offering is fully subscribed, Citadel will issue 3,297,812 new shares and will receive net proceeds of approximately $31.5 million. The offering represents a new financing, a portion of which will be contributed to the capital of Fidelity Federal Bank, FSB, the principal subsidiary of Citadel, and the balance of which will be retained for working capital purposes. A prospectus describing the offering and the procedure for exercising the subscription rights is being mailed to each stockholder of record as of the record date.
 The subscription rights will expire at 5:00 p.m. Los Angeles time on March 15, 1993, unless extended by Citadel. The expiration date will not be extended beyond March 15, 1993 unless the Citadel Board of Directors determines that a material event has occurred which necessitates one or more further extensions of the offering in order to permit adequate disclosure of information concerning the event. Any stockholder wishing to exercise subscription rights for additional shares will have to do so before they expire. Upon exercise of the basic subscription rights distributed to each stockholder, the stockholder is also entitled to purchase at the same $10 price a pro rata portion of new shares of common stock that are not otherwise subscribed for by other stockholders.
 The subscription rights and the new shares of common stock are being offered only by means of a prospectus, copies of which may be obtained from:


Frederick N. Bailard, Corporate Secretary Citadel Holding Corporation 600 North Brand Boulevard Glendale, California 91203 818-549-3671

D. F. King & Co., Inc. 77 Water Street New York, New York 10005 212-269-5550 or 800-669-5550

PaineWebber Inc. Prospectus Department 1000 Harbor Boulevard Weehawken, New Jersey 07087 201-902-7341
 This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such State.
 -0- 2/12/93
 /CONTACT: Albert J. Clemens, Senior Vice President and Marketing Director of Fidelity Federal Bank, 818-549-3630/
 (CDL)


CO: Citadel Holding Corp.; Fidelity Federal Bank ST: California IN: FIN SU: OFR

JL -- LA021 -- 6336 02/12/93 17:50 EST
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Publication:PR Newswire
Date:Feb 12, 1993
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