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CITADEL HOLDING CORP. FILES RIGHTS OFFERING FOR COMMON STOCK REGISTRATION STATEMENT WITH SECURITIES AND EXCHANGE COMMISSION

 CITADEL HOLDING CORP. FILES RIGHTS OFFERING FOR COMMON STOCK
 REGISTRATION STATEMENT WITH SECURITIES AND EXCHANGE COMMISSION
 GLENDALE, Calif., August 4, /PRNewswire/ -- Citadel Holding Corporation (AMEX: CDL), the parent company of Fidelity Federal Bank, FSB, announced today that it has filed a registration statement with the Securities and Exchange Commission seeking the registration of 3,297,812 rights (the "Rights") and 2,000,000 shares of the Company's common stock, par value $.01 per share (the "Common Stock"). The filing was made in connection with Citadel's previously announced plans to seek approximately $30 million in new capital through a rights offering of its Common Stock.
 The rights offering contemplates that, subject to compliance with applicable state and federal securities laws, the Company's stockholders on the record date will receive one Right for each share of Common Stock they own. Each Right will entitle the holder to subscribe for .6064 shares of Common Stock at approximately $15.00 per share (the "Subscription Price") and, in the event that less than all of the 2,000,000 shares being offered are subscribed for, to participate at the same Subscription Price in any resultant oversubscription pool. The Rights will be exercisable for a period of 30 days after issuance, subject to extension by the Company for up to an additional 20 days.
 The record date has not yet been established for the rights offering, but will likely not be earlier than mid-September 1992 and may be later than that date.
 The Subscription Price is intended to reflect a significant discount from the price at which the Common Stock trades immediately prior to the issuance of the Rights and, as a result of this discount, to give value to the Rights. The approximately $15.00 per share Subscription Price stated in the registration statement is intended only as an estimation and approximation of the final Subscription Price and the Company has reserved the right to change the Subscription Price and the number of shares of Common Stock offered in the rights offering at any time prior to the issuance of the Rights.
 A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold or any offers to buy be accepted prior to the time the registration statement becomes effective. This press release 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.
 A copy of the preliminary prospectus pertaining to the rights offering may be obtained from D.H. King & Co., Inc. at One North LaSalle Street, Chicago, IL 60602 (312) 236-5882; 77 Water Street, New York, NY 10005 (212) 269-5550; or 5777 W. Century Boulevard, Suite 1250, Los Angeles, CA 90045 (310) 215-3860.
 -0- 8/5/92
 /CONTACT: Philip R. Sherringham, Executive Vice President and Chief Financial Officer of Citadel Holding Corp., 818-956-7100/
 (CDL) CO: Citadel Holding Corp. ST: California IN: FIN SU: OFR


KJ -- LA040 -- 7361 08/05/92 22:10 EDT
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Publication:PR Newswire
Date:Aug 5, 1992
Words:536
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