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LOAN AMERICA STOCKHOLDERS TOLD ABOUT HIGHER 1ST QUARTER EARNINGS, NEW SYNDICATED WAREHOUSE CREDIT & SALE OF ADDITIONAL COMMON STOCK

 MIAMI LAKES, Fla., May 28 /PRNewswire/ -- Stockholders at Loan America Financial Corporation's (NASDAQ-NMS: LAFCB) annual meeting heard good news regarding first quarter operations and future plans.
 Loan America, a publicly owned residential mortgage banking firm, operates a wholesale loan production network serving many of the nation's major housing markets.
 President John S. Kuczwanski told stockholders that:
 -- Net earnings for the first quarter of 1993 reached $1.43 million, compared to $1.36 million a year ago;
 -- The company has entered into a syndicated warehouse credit agreement with a group of major lenders led by Bankers Trust. It provides up to $329 million to fund loan production until the mortgages are packaged and sold; and
 -- An offering of 1.2 million shares of Class B common stock of Loan America was priced at $10.00 per share on May 27, 1993, by a group of underwriters led by The Robinson-Humphrey Company, Inc.
 Re-elected to the board of directors at the annual meeting were Kuczwanski and Ruth E. Stuzin.
 Loan America is traded on the NASDAQ National Market System under the symbol LAFCB.
 -0- 5/28/93
 /CONTACT: John S. Kuczwanski, president of Loan America Financial Corporation, 305-557-9282; or John K. Schulte of Schulte, Ross & Aguilar, 305-856-1442, for Loan America Financial Corporation/
 (LAFCB)


CO: Loan America Financial Corporation ST: Florida IN: FIN SU:

JB-SS -- FL003 -- 3371 05/28/93 11:48 EDT
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Publication:PR Newswire
Date:May 28, 1993
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