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HAWTHORNE FINANCIAL REPORTS RESULTS OF SPECIAL MEETING OF STOCKHOLDERS

EL SEGUNDO, Calif., Sept. 7 /PRNewswire/ -- Hawthorne Financial Corp. (Nasdaq: HTHR) announced the results of its Special Meeting of Stockholders held on August 31, 1995. The Special Meeting was held in order to consider two proposals which would assist the company in its capital raising efforts to support its subsidiary, Hawthorne Savings, F.S.B. Under the terms of a Prompt Corrective Action Directive issued by the Office of Thrift Supervision, the primary regulator of Hawthorne Savings, a capital infusion of $15 million to $20 million is required by December 15, 1995.

The first proposal sought to increase the amount of authorized Common Stock to 20 million shares, and received the affirmative vote of 70.6% of the company's outstanding shares. The second proposal sought authorization to establish a Preferred Stock, with 10 million shares available for issuance, and received the affirmative vote of 59.1% of the outstanding shares.

The stockholders of the company had previously approved a proposal at the Annual Stockholders Meeting in April which granted authority to the Board of Directors to effect a one-for-three reverse stock split. The Board of Directors still retain this authority and have not concluded on what action they will take on this matter given the approval of these two proposals.
 -0- 9/7/95


/CONTACT: Scott Braly, president and CEO, 310-725-5600, or Norman Morales, CFO, 310-725-5631, both of Hawthorne Financial/

(HTHR)

CO: Hawthorne Financial Corp. ST: California IN: FIN SU:

BB-SS -- LA054 -- 1035 09/07/95 20:58 EDT
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Publication:PR Newswire
Date:Sep 7, 1995
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