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NORTHBAY SAVINGS BANK, CONTINENTAL SAVINGS OF AMERICA SIGN AGREEMENT

NORTHBAY SAVINGS BANK, CONTINENTAL SAVINGS OF AMERICA SIGN AGREEMENT
 PETALUMA, Calif., Feb. 7 /PRNewswire/ -- Northbay Savings Bank, the sole subsidiary of Northbay Financial Corp. (AMEX: NBF), of Petaluma and Continental Savings of America (NASDAQ: CSAV) today jointly announced that they have signed a definitive agreement for Northbay Savings Bank to acquire the deposits of the Sonoma Branch of Continental Savings of America located at 539 First Street West, Sonoma, Calif. Northbay Savings Bank recently received regulatory approval to establish an office, at 531 Fifth Street West, Sonoma. The deposits of the Sonoma Office of Continental Savings will be merged into Northbay Savings Bank and be part of Northbay's new Sonoma Office.
 "We are very pleased to be able to offer our services in Sonoma. At Northbay, we have been working to increase our branch network throughout Sonoma County to provide the best personal service to our market area. With the addition of Sonoma, we believe this will help to achieve that goal," stated Alfred A. Alys, president and CEO.
 Continental Savings of America's Chairman, President and CEO Charles A. Chenes, indicated that the sale of its Sonoma Branch is a part of the company's long range strategic plan to concentrate its retail banking operations in the San Francisco and East Bay areas. Chenes stated, "We sincerely appreciate the loyalty of our Sonoma customers over the years, and are pleased that this arrangement will enable our depositors to retain their accounts with a strong local financial institution."
 The transaction is subject to approval by regulatory authorities. Completion of the transaction is expected in the second quarter 1992.
 Northbay Savings Bank was founded in 1965 and maintains six offices in Sonoma County with two in Petaluma, and one each in Healdsburg, Rohnert Park, Forestville and Santa Rosa. As of Dec. 31, 1991, Northbay's assets were $267 million and it is a federally chartered thrift.
 -0- 2/7/92
 /CONTACT: Jeanne M. Chalmers of Northbay Savings Bank, 707-778-3334; or Brian Menasian of Continental Savings of America, 415-274-3050/
 (NBF CSAV) CO: Northbay Savings Bank; Continental Savings of America ST: California IN: FIN SU:


RM -- SF010 -- 7958 02/07/92 17:12 EST
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Publication:PR Newswire
Date:Feb 7, 1992
Words:358
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