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MARGARETTEN FINANCIAL INTENDS TO OFFER LONG-TERM SENIOR DEBT

 PERTH AMBOY, N.J., May 27 /PRNewswire/ -- Margaretten Financial Corporation (NYSE: MRG), a leading residential mortgage banker, today announced its intention to offer, subject to market conditions, up to $150 million of long-term senior debt through Goldman, Sachs & Co., Salomon Brothers Inc and Smith Barney, Harris Upham & Co. Incorporated. Proceeds of the offering will be used to prepay a portion of the company's outstanding bank debt and for general corporate purposes, including possible acquisitions.
 The offering would be made pursuant to the company's shelf registration statement which was declared effective by the Securities and Exchange Commission on May 24, 1993. If the offering is commenced, prospectuses will be available from Margaretten Financial Corporation, 205 Smith Street, Perth Amboy, N.J. 08861, Attention: Mr. Bruce Schnelwar, executive vice president and chief financial officer.
 Margaretten Financial Corporation, through its mortgage banking subsidiary, Margaretten & Company, Inc., engages in the origination, purchase, sale and servicing of residential mortgage loans. Its retail division maintains 64 branches and satellite offices in 18 states, and its wholesale division operates primarily in California, the Pacific Northwest, Texas, Arizona and Georgia.
 -0- 5/27/93
 /CONTACT: Michele Katz or Edward Nebb, both of Morgen-Walke Associates, 212-850-5600, for Margaretten Financial Corporation/
 (MRG)


CO: Margaretten Financial Corporation ST: New Jersey IN: FIN SU:

PS -- NY017 -- 2772 05/27/93 08:15 EDT
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Publication:PR Newswire
Date:May 27, 1993
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