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MORTGAGE SERVICING PORTFOLIO AT ALLIED SAVINGS BANK EXCEEDS $1 BILLION

 SANTA ROSA, Calif., Sept. 21 /PRNewswire/ -- Redwood Empire Bancorp (AMEX: REB) announced today that the mortgage servicing portfolio of its wholly owned subsidiary, Allied Savings Bank, has exceeded $1 billion.
 The servicing portfolio at mid-September 1993 was $1.004 billion, comprised of 7,741 mortgage loans. This compares with $575.2 million in servicing for 4,436 loans at the end of August 1992.
 "Building our mortgage servicing portfolio is a key strategy of Allied Savings Bank," said Terance O'Mahoney, its president and chief executive officer. "Achieving the $1 billion mark in servicing was an important milestone for the bank and provides the critical mass necessary to service these loans cost effectively.
 "The fees generated from mortgage servicing activities provide a significant source of on-going revenue," O'Mahoney continued. "Mortgage servicing is an important component of Redwood Empire Bancorp's effort to develop fee-based products and diversify its income sources."
 Redwood Empire Bancorp is the holding company for Allied Savings Bank, F.S.B., a savings bank, and National Bank of the Redwoods, a commercial bank.
 -0- 9/21/93
 /CONTACT: Terance O'Mahoney, president and chief executive officer of Allied Savings Bank, 707-524-6200; or Doug Sherk or Jenifer Kirtland, 415-296-7383, or Michele Katz or Miriam Adler, 212-850-5600, all of Morgen-Walke Associates for Allied Savings/
 (REB)


CO: Redwood Empire Bancorp; Allied Savings Bank ST: California IN: FIN SU:

LH-TM -- SF002 -- 3928 09/21/93 06:30 EDT
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Publication:PR Newswire
Date:Sep 21, 1993
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