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SANTA MONICA BANK TO BE ASKED TO SIGN CEASE AND DESIST ORDER WITH THE FDIC

 SANTA MONICA, Calif., March 23 /PRNewswire/ -- Joe L. Walling, chairman of the board of Santa Monica Bank (AMEX: SMO), announced today that the bank will be asked to sign an order to Cease and Desist (the "order") with the FDIC. The terms of the order may contain certain restrictions on the bank's operations, such as requirements for the bank to reduce the level of classified assets, maintain an adequate loan loss reserve and required capital levels, revise written loan policies, and comply with additional periodic reporting requirements, as well as a requirement for regulatory approval of dividends.
 The bank will not pay a first quarter dividend.
 -0- 3/23/93
 /CONTACT: Aubrey L. Austin, president of Santa Monica Bank, 310-394-9611/
 (SMO)


CO: Santa Monica Bank ST: California IN: FIN SU:

MS-EH -- LA021 -- 8838 03/23/93 16:51 EST
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Publication:PR Newswire
Date:Mar 23, 1993
Words:139
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