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FIRST NATIONWIDE REPORTS SECOND-QUARTER RESULTS

 SAN FRANCISCO, July 28 /PRNewswire/ -- First Nationwide Financial Corp. today announced a net loss of $18 million for the second quarter, compared with a loss of $7 million for the second quarter of 1992. For the first six months of 1993, the corporation reported a net loss of $35 million, compared with a loss of $23 million in the 1992 period.
 Included in 1993 second-quarter results are net earnings of $16 million at First Nationwide Bank, the banking operation of First Nationwide Financial Corp. These results compare with a net loss of $4 million at the bank in the second quarter of 1992. Earnings at the bank totaled $17 million for the fist six months of 1993, compared with a loss of $15 million in the first half of 1992.
 "We're encouraged by our progress at First Nationwide Bank," said John Devine, the bank's chairman and chief executive officer. "The bank has now been profitable for three consecutive quarters, reflecting continued improvements in operating costs and non-performing assets and growth in consumer-related revenue."
 The bank reduced nonperforming assets to less than $1.1 billion at the end of the 1993 second quarter, down 23 percent from $1.4 billion a year ago. Operating costs for the quarter were $90 million, an improvement of $30 million, or 25 percent, from the second quarter of 1992. At the end of the 1993 second quarter, assets at First Nationwide Bank were $17 billion, compared with $21 billion at the end of the 1992 period.
 First Nationwide Bank's capital levels continue to exceed all federal requirements by a substantial margin. At the end of the 1993 second quarter, the bank reported 6.6 percent core capital and 11.7 percent risk-based capital.
 First Nationwide Financial Corp. is a wholly owned subsidiary of Ford Motor Co. (NYSE: F) and part of the Ford Financial Services Group. The company operates 198 retail branches in nine states and 33 loan offices in eight states.
 -0- 7/28/93
 /CONTACT: Beth Quartarolo of First Nationwide, 415-904-1202/
 (F)


CO: First Nationwide Financial Corp.; First Nationwide Bank; Ford Motor
 Co.; Ford Financial Services Group ST: California, Michigan IN: FIN AUT SU: ERN


TM-MC -- SF007 -- 7227 07/28/93 11:02 EDT
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Publication:PR Newswire
Date:Jul 28, 1993
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