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COMMAND CREDIT CORP.'S SUBSIDIARY BECOMES MORTGAGE BANKER

 ROCKVILLE CENTRE, N.Y., Oct. 19 /PRNewswire/ -- Command Credit Corp. (NASDAQ: CDMD), an international diversified financial services firm, announced today that its wholly owned subsidiary, First Equities Corp., received approval for a license from the Connecticut Banking Department to engage in mortgage banking activities. As a result of this licensing, First Equities is now qualified to make mortgages for its own account and/or sell them in the secondary market.
 First Equities will be building a mortgage servicing portfolio to take advantage of the lucrative fee income in that field. There will be numerous economies in the operations of Command and First Equities since there are similarities in the servicing of credit card loans and mortgage loans. Command plans to provide these services for its subsidiary.
 William Lucas, chairman of Command, said, "This action is another significant step in Command's strategic plan to become an aggressive financial force in this market."
 The issuance of this mortgage banking license, combined with Command's existing services allows the company to span the following markets:
 -- banking
 -- mortgage banking
 -- mortgage and loan brokerage
 -- secured and unsecured credit card marketing and servicing
 -- equipment leasing
 Philip Leone, senior vice president and chief financial officer of Command Credit Corp., also serves as president of First Equities Corp. Leone has more than 25 years of banking experience which includes serving as a former chief executive of a savings bank which was primarily engaged in mortgage banking. Leone stated that "this step will result in the further building of liquid assets for Command's shareholders."
 -0- 10/19/93
 /CONTACT: Anne Wolfrom, VP-Corporate Administration of Command Credit Corp., 516-764-1117/
 (CDMD)


CO: Command Credit Corp.; First Equities Corp. ST: New York IN: FIN SU:

MF-LM -- LA003 -- 3860 10/19/93 10:30 EDT
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Publication:PR Newswire
Date:Oct 19, 1993
Words:291
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