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CITADEL HOLDING CORPORATION ANNOUNCES THAT ITS BOARD OF DIRECTORS HAVE APPROVED A COMMON STOCK RIGHTS OFFERING

CITADEL HOLDING CORPORATION ANNOUNCES THAT ITS BOARD OF DIRECTORS
            HAVE APPROVED A COMMON STOCK RIGHTS OFFERING
    GLENDALE, Calif., June 26, /PRNewswire/ -- Citadel Holding Corporation ("Citadel") (AMEX: CDL), the parent company of Fidelity Federal Bank, a Federal Savings Bank ("Fidelity"), announced today that its Board of Directors approved a common stock rights offering at a meeting on June 24, 1992.  According to Mr. Sherringham, Executive Vice President and Chief Financial Officer, Citadel's goal is to raise approximately $30 million principally for the purpose of strengthening the equity capital of Fidelity and increasing the holding company's working capital.
    Mr. Sherringham also stated that Citadel had repaid today the remaining $7.5 million of a $15 million loan owed to Craig Corporation.
    Citadel common shares are traded on the American Stock Exchange under the symbol "CDL."
    -0-                         6/26/92
    /CONTACT:  Albert J. Clemens Senior Vice President and Marketing Group Manager for Fidelity Federal Bank, 818-549-3525/
    (CDL) CO:  Citadel Holding Corporation ST:  California IN:  FIN SU:  OFR EH -- LA033 -- 4433 06/26/92 21:31 EDT
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Publication:PR Newswire
Date:Jun 26, 1992
Words:173
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