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FIRST MORTGAGE HOLDS ANNUAL MEETING

FIRST MORTGAGE HOLDS ANNUAL MEETING
    DIAMOND BAR, Calif., Sept. 30 /PRNewswire/ -- Continued strong demand for home loan refinancing should fuel continued strong earnings for First Mortgage Corp.'s (NASDAQ: FMOR) second fiscal quarter ending Sept. 30, 1992, Clement Ziroli, chairman, president and chief executive officer, announced today at the mortgage banking company's annual shareholders meeting in Pomona, Calif.  Ziroli noted that First Mortgage just reported a 246 percent increase in net income for the first quarter ended June 30, 1992 on a 73 percent revenue gain.
    He said that First Mortgage's balance sheet was significantly strengthened with the company's initial public offering of common stock in April 1992, which yielded net proceeds of $5,350,000.  The company's working capital totaled $12,410,000 and shareholders' equity was $14,253,000 at June 30, 1992, he said.
    First Mortgage growth plans include opening two to six new offices per year in California, Ziroli said.
    At the annual meeting, the shareholders approved an amendment of the company's restated bylaws changing the authorized number of directors to not less than five nor more than nine and elected a board of directors of five members, all of whom are incumbents.
    Reelected to the board were Ziroli, Bruce G. Norman, Pac W. Dong, Harold Harrigian and Robert E. Weiss.  Messrs. Ziroli, Norman and Dong are First Mortgage officers.  Harrigian is director of the Corporate Finance Department of Crowell, Weedon & Co, and Weiss is a member of the firm of Robert E. Weiss Inc., attorneys.
    First Mortgage Corp. is a mortgage banking company that originates, purchases, sells and services first deed of trust loans for owner-occupied one-to-four family residences.  The company operates through a network of 14 branch offices in California and one office in Reno, Nev.
    -0-             09/30/92
    CONTACT:  Clement Ziroli, chairman, president and CEO of First Mortgage, 714-595-1996; or Tom Wick of The Financial Relations Board, 818-783-2400, for First Mortgage
    (FMOR) CO:  FIRST MORTGAGE CORP. IN:  FIN SU:  ERN ST:  CA -- LA020 -- X575  09/30/92
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Publication:PR Newswire
Date:Sep 30, 1992
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