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CONTINENTAL SAVINGS OF AMERICA OFFERS TO ACQUIRE CERTAIN ASSETS OF CAPITAL FIRST MORTGAGE CORPORATION

 SAN FRANCISCO, April 6 /PRNewswire/ -- Continental Savings of America (NASDAQ: CSAV) announced today that it has extended an offer to acquire certain assets of Capital First Mortgage Corp. in connection with a Reorganization of Capital First. Capital First will continue to fund loans and to sell them in the secondary market.
 Capital First is a New York-based wholesale mortgage company that purchases residential loans for delivery into the secondary mortgage market.
 According to Charles A. Chenes, chairman, president and chief executive officer of Continental, "The acquisition will allow Capital First to increase its correspondent base in the Northeast as well as being a first step by Continental to expand its mortgage banking operations into the national market." He added, "The financial resources of Continental will provide a greater capability for Capital First to deliver better pricing and service to its correspondent network."
 Continental Savings ("CSAV") is a federally chartered stock savings and loan association that operates six savings branch offices in the San Francisco area, and 21 loan origination offices in Northern and Southern California with assets of $545 million. Its principal business consists of originating loans secured by existing single family residences for sale in the secondary mortgage market.
 -0- 4/6/93
 /CONTACT: Ralph Christy of Continental Savings of America, 415-274-3043/
 (CSAV)


CO: Continental Savings of America; Capital First Mortgage Corp. ST: California IN: FIN SU: TNM

TB -- SF009 -- 3616 04/06/93 21:18 EDT
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Publication:PR Newswire
Date:Apr 6, 1993
Words:238
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