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FIRSTFED FINANCIAL CORP. ANNOUNCES LOAN LOSSES WILL BE HIGHER THAN EXPECTED

 SANTA MONICA, Calif., March 26 /PRNewswire/ -- FirstFed Financial Corp. (NYSE: FED), the holding company of First Federal Bank of California, announced today that the bank's actual loan losses for the first quarter of 1993 will be more than twice the rate that had been expected. Through March 25, 1993, management has set aside $12,000,000 for actual losses incurred in the first quarter. This compares to a previous estimate of $5,000,000 for the quarter. Management anticipates that this loan loss rate will continue through at least the second quarter of 1993. Management is currently evaluating the adequacy of the bank's general loan loss allowances in light of the actual losses experienced in the first quarter. These losses will have a negative impact on the 1993 earnings goal. Management has attributed the need for additional loss provisions to the continuing downward trend in the Southern California economy and real estate market during the first months of 1993. Management noted that the bank will continue to exceed all regulatory capital requirements.
 -0- 3/26/93
 /CONTACT: Martin Gottlieb, executive VP of FirstFed Financial, 310-319-6000/
 (FED)


CO: FirstFed Financial Corp.; First Federal Bank of California ST: California IN: FIN SU: ERP

LS-KJ -- LA008 -- 0015 03/26/93 10:48 EST
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Publication:PR Newswire
Date:Mar 26, 1993
Words:210
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