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CITIZENS ANNOUNCES SALE OF LOANS AND FORECLOSED REAL ESTATE

 GLEN ROCK, N.J., Oct. 4 /PRNewswire/ -- Allan D. Nichols, chairman and CEO of Citizens First Bancorp, Inc. (AMEX: CFB), announced today that the company's subsidiary, Citizens First National Bank of New Jersey, has finalized a transaction with an investor for the purchase of approximately $42 million of loans and foreclosed real estate from the bank. Nichols noted that the bank sold the assets, almost all of which were in New Jersey, at 38 percent of the unpaid principal balance. "This is consistent with what others have done in our market," he said. As result of this sale, the level of the bank's non-performing assets was reduced by approximately $28 million.
 "In addition to the cash received from the investor, the sale will generate a charge to the bank's existing allowance for loan losses of approximately $15 million and a charge to earnings of approximately $3 million," he said. Nichols noted that as a result of certain non-recurring income, the company currently anticipates that its third quarter financial results, which will be announced during the third week of October, will be in line with previously published analysts' expectations.
 Citizens First Bancorp, Inc., is a one bank holding company for Citizens First National Bank of New Jersey. As of June 30, 1993, total assets stood at $2.5 billion and total deposits were $2.2 billion. The bank has 50 branch offices located throughout Bergen, Morris, Passaic, Hudson and Ocean counties.
 -0- 10/4/93
 /CONTACT: Allan D. Nichols, chairman of the board of Citizens First Bancorp, 201-670-2203/
 (CFB)


CO: Citizens First Bancorp, Inc.; Citizens First National Bank of New
 Jersey ST: New Jersey IN: FIN SU:


TW -- NY027 -- 8182 10/04/93 09:02 EDT
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Publication:PR Newswire
Date:Oct 4, 1993
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