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IMPERIAL CREDIT INDUSTRIES INC. ANNOUNCES MAJOR EAST COAST EXPANSION

 NEWPORT BEACH, Calif., Dec. 28 /PRNewswire/ -- H. Wayne Snavely, chairman and chief executive officer of Imperial Credit Industries Inc. (NASDAQ: ICII), announced a major step in the implementation of the company's long-range strategic plan to diversify its mortgage loan originations nationally and thereby reduce its exposure to the California real estate markets.
 Snavely stated that the recent seizure of Carteret Savings Bank of Morristown, N.J. by the RTC and the subsequent agreement of approximately 90 employees of Carteret's mortgage banking division to join Imperial Credit Industries Inc. has created an opportunity for Imperial to dramatically increase mortgage originations in the short term while accelerating the company's long-range plans. The mortgage banking division of Carteret Savings Bank originated approximately $1 billion of mortgage loans during the past 12 months and Imperial Credit Industries is absorbing the majority of the mortgage production personnel.
 Imperial will open four new mortgage production offices in the states of New Jersey and Florida during the month of January which will be staffed with the former Carteret Savings Bank personnel.
 These new offices add to the geographical diversification efforts of the company during the past two years when Imperial opened offices in Oregon, Washington, Colorado and Virginia.
 Mary S. Reither, formerly executive vice president in charge of mortgage loan production for Carteret Savings Bank, has accepted the position of senior vice president in charge of East Coast mortgage production for Imperial Credit Industries Inc.
 Imperial Credit Industries Inc., headquartered in Newport Beach is a mortgage banking company that will originate approximately $3.2 billion of new mortgage loans during the year 1992. The company currently services $2.5 billion of mortgage loans for investors. The company's only subsidiary, Southern Pacific Thrift and Loan Association is the second largest thrift and loan in California with assets in excess of $500 million.
 Imperial Credit Industries Inc. is a majority-owned subsidiary of Imperial Bank, a subsidiary of Imperial Bancorp (NASDAQ: IBAN) of Los Angeles.
 -0- 12/28/92
 /CONTACT: Richard Johnson, CFO, 714-556-0122, or Karen Montandon (investor relations), 714-252-2843, both of Imperial Credit Industries/
 (ICII IBAN)


CO: Imperial Credit Industries Inc.; Imperial Bancorp ST: California IN: FIN SU:

EH-BP -- LA018 -- 0052 12/28/92 12:13 EST
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Publication:PR Newswire
Date:Dec 28, 1992
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