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MARGARETTEN FINANCIAL NAMES LARRY K. MILLS VICE PRESIDENT - FINANCE

 PERTH AMBOY, N.J., July 20 /PRNewswire/ -- Margaretten Financial Corporation (NYSE: MRG), a leading residential mortgage banking company, today announced the appointment of Larry K. Mills, 44, to the newly created position of vice president - finance. Mr. Mills will be responsible for oversight of all treasury and corporate finance activities for Margaretten, including corporate funding, bank relations, and cash management. He will report to Bruce Schnelwar, executive vice president and chief financial officer.
 Prior to joining Margaretten, Mr. Mills served as senior vice president and treasurer of Equitable Life Assurance Co. He was also a member of the board of the Economic Development Corporation of New York City, and served on the advisory board of ABN/AMRO Bank, New York. Currently, Mr. Mills is chairman of the Advisory Council to the Montclair State College School of Business Administration and a trustee of the Montclair Adult School, both in Montclair, N.J.
 Mr. Mills is a native of Ottawa, Ill., and has a B.S. degree in business administration from Northwestern University. He completed the Advanced Management Program at the Harvard Business School in 1985.
 Bruce Schnelwar, executive vice president and chief financial officer of Margaretten, said, "We are pleased to have Mr. Mills join Margaretten. We will be well served by his strong financial experience."
 Mr. Mills and his wife and two children reside in Montclair, N.J.
 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 branch and satellite offices in 18 states, and its wholesale division operates primarily in California, the Pacific Northwest, Texas, Arizona and Georgia.
 -0- 7/20/93
 /CONTACT: Edward Nebb or Vic Beaudet of Morgen-Walke Associates, 212-850-5600, for Margaretten Financial/
 (MRG)


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

MP -- NY068 -- 6824 07/20/93 12:37 EDT
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Date:Jul 20, 1993
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