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DOWNEY SAVINGS SUBSTANTIALLY COMPLETES REAL ESTATE DIVESTITURES

 NEWPORT BEACH, Calif., June 30 /PRNewswire/ -- Downey Savings and Loan Association (NYSE: DSL) announced today that it had completed the sale of its remaining direct real estate investments (except for two investments with a combined book value of only $1.00) to its wholly owned subsidiary, DSL Service Co., for cash totaling $13.7 million. The two remaining investments will be sold upon receipt of a current appraisal which is expected within the next two months. When the remaining two investments are sold, Downey will be in compliance with the statutory provisions of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 ("FIRREA") with respect to its investment in real estate prior to the July 1, 1994, FIRREA-mandated date. These sale transactions have no impact on Downey's consolidated financial statements since DSL is Downey's wholly owned subsidiary.
 -0- 6/30/93
 /CONTACT: Thomas E. Prince, CFO of Downey Savings, 714-509-4440/
 (DSL)


CO: Downey Savings and Loan Association ST: California IN: FIN SU:

JB-EH -- LA021 -- 7198 06/30/93 13:14 EDT
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Publication:PR Newswire
Date:Jun 30, 1993
Words:172
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