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SECURED CREDIT CARD COMPANY ACQUIRES MORTGAGE COMPANY

 ROCKVILLE CENTRE, N.Y., Sept. 1 /PRNewswire/ -- Command Credit Corp. (NASDAQ: CDMD), a diversified financial services firm, announced today that it has acquired 100 percent of the outstanding shares of Paramount Equities Group Inc., of Cortlandt Manor, N.Y.
 Paramount, a New York State licensed brokerage firm established in 1987, is engaged in the acquisition and processing of residential mortgage applications and the subsequent placement of mortgages with investors. Paramount is currently developing mortgage business at the rate of $3,000,000 per month ($36,000,000 per annum).
 Command President William Lucas said, "The acquisition of Paramount is another step in the building of Command's diversified financial services program. The combination of Paramount's experience and financial contacts and Command's banking relationships provides all of the necessary ingredients to operate a fully licensed mortgage banking firm."
 Command plans to have Paramount apply for a New York State mortgage banking license. First Equities Corp., a wholly owned Command subsidiary, has an application pending for a mortgage banking license in Connecticut which will further broaden Command's financial business activities.
 Paramount President Peter Garguilo said, "The acquisition by Command will be a prime factor in the expansion of Paramount's present business into the mortgage banking arena. The capital provided by the acquisition will permit Paramount to qualify for a mortgage banking license and enable it to originate loans for its own account, or to sell loans originated into the secondary mortgage market."
 Command plans to offer innovative mortgage products through Paramount, in addition to its regular products, and will build a servicing portfolio to complement Command's credit card servicing.
 Command last week also announced the acquisition of Franklin Credit and Leasing Corp., which engages in the leasing of heavy construction equipment and related commodities. Franklin is currently signing leasing business at the rate of $6,000,000 annually.
 Command is engaged in marketing and servicing of credit cards and has put itself in an acquisition mode to broaden its financial base.
 -0- 9/1/93
 /CONTACT: William G. Lucas of Command Credit Corp., 516-764-1117; or Peter Garguilo of Paramount Equities Group, 914-736-3400/
 (CDMD)


CO: Command Credit Corp.; Paramount Equities Group Inc. ST: New York IN: FIN SU: TNM

MC -- DV006 -- 7873 09/01/93 10:35 EDT
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Publication:PR Newswire
Date:Sep 1, 1993
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