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FIRST CONNECTICUT CAPITAL TO SELL PORTFOLIO TO GRUNTAL FINANCIAL

 BRIDGEPORT, Conn., July 1 /PRNewswire/ -- The First Connecticut Capital Corporation today announced it has signed an agreement to sell substantially all of its mortgage and real estate owned portfolio to GF Mortgage Corp., subsidiary of Gruntal Financial Corp., Parsipanny, N.J. Gruntal is a subsidiary of the Home Insurance Company. Consummation of the transaction is subject to the satisfaction of a number of conditions. If the transaction is completed, First Connecticut would continue to service the portfolio and would be provided financing to enable it to make new mortgage loans and to take advantage of other business opportunities.
 -0- 7/1/93
 /CONTACT: David Engelson, president of First Connecticut Capital Corporation, 203-366-4726/


CO: First Connecticut Capital Corporation; Gruntal Financial Corp. ST: Connecticut IN: FIN SU:

TS-OS -- NY052 -- 7705 07/01/93 11:59 EDT
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Publication:PR Newswire
Date:Jul 1, 1993
Words:134
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