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SECURITY INVESTMENTS GROUP ANNOUNCES PROPOSED SALE OF GREENTREE MORTGAGE

 SECURITY INVESTMENTS GROUP ANNOUNCES
 PROPOSED SALE OF GREENTREE MORTGAGE
 VINELAND, N.J., May 5 /PRNewswire/ -- Security Investments Group, Inc. (NASDAQ: SSLN) (SIGI) announced today its principal subsidiary, Security Savings Bank, SLA, has entered into a letter of intent to sell Greentree Mortgage Corporation.
 Ronald A. Seagraves, president and chief executive officer of SIGI, stated, "The proposed sale of Greentree Mortgage Corporation will add new capital to Security Savings Bank, Security Investments Group's principal subsidiary, and is consistent with the company's ongoing restructuring activities."
 Under the proposed terms of the sale, SIGI would receive approximately $14.2 million in cash and notes for the stock of Greentree Mortgage Corporation. Consummation of the sale is contingent on the execution of a definitive agreement and subject to the buyer's due diligent investigation and receipt of required contractual and regulatory approvals.
 Greentree maintains offices in New Jersey and Florida and originated approximately $478 million in residential mortgage loans in 1991. Greentree currently services approximately $1.1 billion in residential mortgage loans.
 Security Savings Bank, SLA, a subsidiary of Security Investments Group, Inc., is a state-chartered financial institution headquartered in Vineland. Security operates 30 branches throughout southern New Jersey and provides businesses and consumers with a wide variety of financial products and services.
 /delval/
 -0- 5/5/92
 /CONTACT: Margarita Aponte of Security Investments Group, 609-691-3681/
 (SSLN) CO: Security Investments Group, Inc.; Security Savings Bank, SLA;
 Greentree Mortgage Corporation ST: New Jersey, Florida IN: FIN SU: RCN


MK-KA -- PH028 -- 6675 05/05/92 15:02 EDT
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Publication:PR Newswire
Date:May 5, 1992
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