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FIRST FIDELITY ACCEPTANCE CORP. ANNOUNCES STRENGTHENING OF MANAGEMENT; SECOND QUARTER EARNINGS 40 PERCENT HIGHER THAN FIRST QUARTER EARNINGS

 IRVINE, Calif., July 22 /PRNewswire/ -- First Fidelity Acceptance Corp. (OTC: FFAC) announced today the appointment of Dirk Broekema Jr. as a director and chairman of the Audit Committee of its board of directors. The company also announced the appointment of Michael D. Burks as senior vice president and chief financial officer.
 Richard J. Tucker, chairman and chief executive officer, stated that, "We are delighted to be able to call on the proven expertise of Dirk and Mike in the financial services industry as we structure FFAC to harness its growth potential." Broekema, 57, was chief executive officer and chairman of Bowest Corp., San Diego, which he purchased in October 1981, until he sold his 100 percent interest to a unit of ITT Corp. in April 1992. Burks, 42, was a CPA with BDO Seidman, before serving as chief financial officer of Glenfed Financial Corp., Dallas.
 Separately, FFAC released its earnings for the quarter ended June 30, 1993:
 FIRST FIDELITY ACCEPTANCE CORP.
 Financial Summary
 Three Months Ended Six Months Ended
 June 30, June 30,
 1993 1992 1993 1992
 Net revenues $1,421,000 $380,000 $2,560,000 $383,000
 Net income (loss) $637,000 ($172,000) $1,092,000 ($308,000)
 FFAC is a nationwide originator of automobile retail installment sales contracts through a network of factory authorized automobile dealers.
 -0- 7/22/93
 /EDITOR'S NOTE: To request a copy of FFAC's 10Q, call 619-525-7882./
 /CONTACT: Richard J. Tucker, chairman and CEO, 714-253-1550, or Robert J. Metcalf, vice chairman, 619-587-8700, both of First Fidelity Acceptance Corp./
 (FFAC)


CO: First Fidelity Acceptance Corp. ST: California IN: AUT FNC SU: PER ERN

BP-JL -- SD003 -- 4465 07/22/93 11:00 EDT
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Publication:PR Newswire
Date:Jul 22, 1993
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