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FIRST FINANCIAL CARIBBEAN RECEIVES REGULATORY APPROVAL TO ACQUIRE CATANO FEDERAL SAVINGS

 SAN JUAN, Puerto Rico, Aug. 27 /PRNewswire/ -- First Financial Caribbean Corporation (NASDAQ: FRCC) today announced that the Office of Thrift Supervision (OTS) has granted approval for its previously announced acquisition
of Catano Federal Savings Bank. The OTS' decision was the final approval required for the acquisition, which is scheduled to be completed in September, subject to normal closing conditions.
 The transaction will combine the resources of First Financial Caribbean, Puerto Rico's leading mortgage banker, and Catano Federal, a savings association with nearly $13 million in assets. The acquisition will be a cash transaction. Catano Federal will be renamed Doral Federal Savings Bank upon consummation of the transaction.
 Salomon Levis, chairman and chief executive officer of First Financial Caribbean, stated, "The acquisition of Catano Federal is consistent with our long-range goal of expanding the Company's financial services and products."
 First Financial Caribbean Corporation, through its two operating units, HF Mortgage Bankers and Doral Mortgage Corporation, is Puerto Rico's leading mortgage banker. The company, with 16 offices throughout Puerto Rico and one office in Orlando, Fla., engages in the origination, sales and servicing of mortgage loans. For the first six months of 1993, First Financial Caribbean recorded earnings of $11.2 million, or $2.96 per fully diluted share. Its loan originations for that period were $671 million and its loan servicing portfolio at the end of June totaled $1.93 billion.
 Catano Federal Savings Bank, with a single branch in the northern Puerto Rico town of Catano, had approximately $9 million in deposits at July 31, 1993.
 -0- 8/27/93
 /CONTACT: Edward Nebb or Jeff Majtyka of Morgen-Walke Associates, 212-850-5600/
 (FRCC)


CO: First Financial Caribbean Corporation ST: IN: FIN SU: TNM

WB -- NY003 -- 6476 08/27/93 08:00 EDT
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Publication:PR Newswire
Date:Aug 27, 1993
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