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NEW HORIZONS SAVINGS IS SUCCESSFUL BIDDER FOR SAUSALITO HOMESTEAD FEDERAL DEPOSITS

 SAN RAFAEL, Calif., Sept. 20 /PRNewswire/ -- New Horizons Savings & Loan (NASDAQ: NHSL) announced today it has purchased the insured deposits of the $11 million Sausalito branch of Homestead Federal Savings. The sale, effective Sept. 17, is part of the sale of all of Homestead's branches by the Resolution Trust Corporation (RTC).
 "We look forward to servicing our new customers from our Southern Marin office," Julie Miller, vice president of operations, stated. "We are planning to consolidate the Homestead Federal Sausalito branch with our Southern Marin branch in November. Our new customers can continue to bank with us in Sausalito or can visit our Southern Marin office to immediately transfer their account." New Horizons Southern Marin office is located in the Alto Shopping Center on East Blithedale Avenue, in Mill Valley. It is a Marin-based community oriented institution operated by a board of directors and an executive staff composed mainly of Marin residents. The thrift has consistently maintained a five-star rating, the highest rating possible, as reported by the Bauer Financial Report.
 According to Bill Bowersock, Jr., assistant vice president and manager of the Southern Marin branch, five percent of the current deposit base in that branch is owned by residents of Sausalito. In addition to having a deposit presence in Sausalito, New Horizons is actively involved in the community. "We provided construction for the Rotary Place senior housing project as well as being involved with various other projects. In addition, New Horizons is dedicated to continuing its involvement in Sausalito," Bowersock stated.
 "We are excited about increasing our family of customers and look forward to providing exceptional service and valuable products to all our new customers," Ms. Miller said. "We think they will appreciate the friendly environment our current patrons enjoy both in Southern Marin and in our San Rafael office."
 As of June 30, New Horizons' assets totaled $286.6 million. The institution has earned a reputation as a profitable "niche" leader which offers competitive interest rates to depositors. The association concentrates on single family construction lending in the North Bay and was the top construction lender in Marin in 1992.
 -0- 9/20/93
 /CONTACT: Jim Barnett, chairman and chief executive officer of New Horizons Savings, 415-457-6990/
 (NHSL)


CO: New Horizons Savings & Loan ST: California IN: FIN SU:

SM -- NY015 -- 3453 09/20/93 08:04 EDT
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Publication:PR Newswire
Date:Sep 20, 1993
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