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CRESTMONT FEDERAL SAVINGS AND LOAN ADVISED BY OTS THAT SUPERVISORY DIRECTIVE PROHIBITING NONRESIDENTIAL LENDING HAS BEEN REMOVED

CRESTMONT FEDERAL SAVINGS AND LOAN ADVISED BY OTS THAT SUPERVISORY
 DIRECTIVE PROHIBITING NONRESIDENTIAL LENDING HAS BEEN REMOVED
 EDISON, N.J., March 10 /PRNewswire/ -- Crestmont Federal Savings and Loan Association, the operating subsidiary of Crestmont Financial Corp. (NASDAQ-NMS: CRES), was advised today by the Office of Thrift Supervision (OTS) that effective immediately the supervisory directive dated June 5, 1991, which prohibited Crestmont from all nonresidential lending, has been removed. The termination of the directive is based on the findings of an ongoing OTS examination. Accordingly, the company plans on returning to the origination of nonresidential loans following a prudent course of action consistent with prevailing economic conditions, the company's size and its capital position.
 Crestmont Federal Savings and Loan Association, a wholly owned subsidiary of Crestmont Financial Corp., with $1.2 billion in assets, has 15 retail branch locations, and two loan production offices serving Essex, Middlesex, Monmouth, Morris, and Union Counties in the state of New Jersey.
 -0- 3/10/92
 /CONTACT: Eric P. Graap of Crestmont Financial, 908-287-3838, ext. 357/
 (CRES) CO: Crestmont Federal Savings and Loan Association ST: New Jersey IN: FIN SU:


SM-OS -- NY064 -- 7032 03/10/92 16:15 EST
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Publication:PR Newswire
Date:Mar 10, 1992
Words:194
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