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SECURED CREDIT CARD COMPANY ACQUIRES A CREDIT AND LEASING FIRM

 ROCKVILLE CENTRE, N.Y., Aug. 24 /PRNewswire/ -- Command Credit Corp. (NASDAQ: CDMD), a financial services firm engaged in credit card marketing and servicing, announced today that it has acquired 100 percent of the shares of Franklin Credit & Leasing Corp. of Plainview, N.Y.
 Franklin is engaged in the leasing of heavy construction equipment and related commodities. Franklin also functions as a loan broker primarily for the purchase of heavy construction equipment, airliners, ships, barges and other related equipment. Franklin's management brings over 100 years of combined credit and leasing experience to Command and will thereby broaden Command's financial services network.
 Command Chairman William G. Lucas and Franklin Chairman Robert Pascuzzi praised the acquisition in a joint statement as "greatly enhancing the capacity of both companies." Lucas went on to state, "Franklin will have virtual autonomy in their operations and will be consolidated on Command's balance sheet as a wholly owned subsidiary." Pascuzzi stated, "There will be a great deal of cross-selling of services by the marketing groups of each company. We deal with banks everyday and will now be able to introduce Command's credit card services as well as our own leasing services."
 With the acquisition of Franklin, Command has taken another step toward the expansion of its financial services activities.
 Command signed an agreement on Feb. 11, 1993 to merge with Suburban Bankshares Inc., the holding company for Suburban Bank, a $170,000,000 state chartered commercial bank in Lake Worth, Fla. In a recent development Command has offered an amendment to the original signed agreement whereby Command will invest an additional $2,000,000 ($6,000,000 in total) to purchase 85 percent of the bank holding company. Command has informed the regulators of this latest offer and is in the process of preparing a formal application for change of control with the Federal Reserve Bank and State Regulators.
 Command is engaged in marketing and servicing of credit cards and has put itself in a acquisition mode to broaden its financial base. Command has applied for a mortgage banking license for the state of Connecticut and is planning to do the same in the state of Florida. Discussions are underway with a Long Island mortgage banking firm and sights have been extended to the potential acquisition of a mortgage loan servicing firm as well.
 -0- 8/24/93
 /CONTACT: Anne E. Wolfrom of Command Credit Corp., 516-764-1117; or Robert J. Pascuzzi of Franklin Credit & Leasing Corp., 516-576-0707/
 (CDMD)


CO: Command Credit Corp.; Franklin Credit & Leasing Corp. ST: New York IN: FIN SU: TNM

MC -- DV003 -- 5534 08/24/93 15:21 EDT
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Publication:PR Newswire
Date:Aug 24, 1993
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