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FIRSTFED FINANCIAL CORP. ANNOUNCES THAT ITS SUBSIDIARY, FIRST FEDERAL BANK OF CALIFORNIA, WILL ADD $18 MILLION TO ITS LOAN LOSS ALLOWANCES

FIRSTFED FINANCIAL CORP. ANNOUNCES THAT ITS SUBSIDIARY, FIRST FEDERAL BANK OF CALIFORNIA, WILL ADD $18 MILLION TO ITS LOAN LOSS ALLOWANCES
 SANTA MONICA, Calif., Sept. 25 /PRNewswire/ -- FirstFed Financial Corp. announced today that its wholly owned subsidiary, First Federal Bank of California, will add approximately $18 million to its loan loss allowances during the third quarter ending Sept. 30, 1992. Babette Heimbuch, president of FirstFed, noted that the additions to the general valuation allowance of $10.4 million and the specific reserve of $7.6 million are a result of reassessing the value of apartment buildings in certain neighborhoods which have been impacted by the recent civil unrest in Los Angeles and the continuing economic slump in Southern California. These changes are expected to increase general valuation allowances to $30 million at the end of the quarter.
 Earnings of FirstFed Financial Corp. for the six months ended June 30, 1992 were $14.7 million. With the addition of the $18 million in new reserves, FirstFed expects to report approximately break-even earnings for the third quarter of the year. FirstFed continues to benefit from strong interest margins resulting in high levels of core earnings. The bank continues to exceed all regulatory capital requirements.
 Heimbuch also announced that the company's board of directors had approved continuing the company's stock repurchase program and had authorized the repurchase of up to approximately 470,000 of the shares currently outstanding over an indefinite time period in open market transactions. "In the current trading range, the board strongly believes that the purchase of its own stock is an excellent investment," Heimbuch commented.
 -0- 9/25/92
 /CONTACT: James Giraldin, executive VP of FirstFed Financial Corp., 310-319-6000/ CO: FirstFed Financial Corp.; First Federal Bank of California ST: California IN: FIN SU:


LS-EH -- LA002 -- 3410 09/25/92 09:02 EDT
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Publication:PR Newswire
Date:Sep 25, 1992
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