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HOWARD SAVINGS BANK RECEIVES CEASE AND DESIST ORDER

 HOWARD SAVINGS BANK RECEIVES CEASE AND DESIST ORDER
 LIVINGSTON, N.J., Sept. 18 /PRNewswire/ -- The Howard Savings Bank


(NASDAQ: HWRD) has announced that it has received a cease and desist order issued by the State of New Jersey Department of Banking. The order requires the Bank to increase its leverage capital ratio to 4 percent on or before Sept. 30, 1992. The Bank's leverage capital ratio at the end of the second quarter of this year was 1.53 percent.
 The Bank reported that given its level of non-performing assets and the current economic condition of the markets in which it operates, the Bank does not have the ability to reach the leverage capital ratio within the time required by the order. The Bank reported that it is in consultation with the regulatory agencies regarding resolution programs.
 The Howard is an FDIC-insured savings bank headquartered in Newark, N.J. Each depositor is insured up to $100,000 by the FDIC.
 -0- 9/18/92
 /CONTACT: Alan Marcus or Ilene Manahan of the Marcus Group, 201-902-9000, for the Howard Savings Bank/
 (HWRD) CO: Howard Savings Bank ST: New Jersey IN: FIN SU:


LR -- NY017 -- 1008 09/18/92 09:41 EDT
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Publication:PR Newswire
Date:Sep 18, 1992
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