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CONTINENTAL BANK COMPLETES $45 MILLION PRIVATE PLACEMENT FOR FRANKLIN EQUITY LEASING

 CONTINENTAL BANK COMPLETES $45 MILLION
 PRIVATE PLACEMENT FOR FRANKLIN EQUITY LEASING
 CHICAGO, Sept. 16 /PRNewswire/ -- Continental Bank (NYSE: CBK) today announced the completion of a $45 million private placement of certificates backed by automobile lease receivables for Franklin Equity Leasing Company (FELCO), a St. Louis-based equipment rental and leasing company.
 Continental Bank structured the transaction and acted as agent for the private placement, which features $37.35 million of senior certificates and $7.65 million of subordinate certificates. The certificates are credit-enhanced by a 9 percent cash collateral account, which grows to 11 percent over time. The certificates are rated "AA" and "BBB," respectively, by Duff & Phelps, Inc.
 "We are seeing a flurry of activity among customers to securitize portfolios and are encouraging them to take advantage of the low Treasury rates and strong investor demand for asset-backed securities in today's markets," said Mark M. Blasinsky, senior director of securitized asset sales at Continental Bank.
 The FELCO receivables pool includes approximately 2,600 auto, light truck and van leases located in 30 states.
 The certificates have an expected weighted average life of 2.1 years and a legal maturity of five years. Pricing approximated the rate paid on two-year U.S. Treasury notes plus 135 basis points for the senior certificates and 3 percent over the two-year Treasury rate for the subordinate certificates.
 Continental Bank N.A. focuses on meeting the capital and financial management needs of public and privately held businesses nationwide. The bank provides business financing, specialized financial and operating services and private banking services. Continental also engages in equity finance and investing, as both principal and arranger, and international trading, for customers and its own account.
 -0- 9/16/92
 /CONTACT: Lisa M. Hewitt, 312-923-5166, or William C. Murschel, 312-923-5130, both for Continental Bank/
 (CBK) CO: Continental Bank N.A.; Franklin Equity Leasing Company ST: Illinois, Missouri IN: FIN SU:


CK -- NY035 -- 0079 09/16/92 11:45 EDT
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Publication:PR Newswire
Date:Sep 16, 1992
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