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SEVEN RTC OFFICES PURCHASED BY FIRST FEDERAL BANK

 SEVEN RTC OFFICES PURCHASED BY FIRST FEDERAL BANK
 LOS ANGELES, March 20 /PRNewswire/ -- First Federal Bank of


California has just announced another expansion. Within the past two weeks First Federal has added seven new savings branch locations, bringing their total to 25 savings offices in the greater Los Angeles area. The new First Federal locations are in Long Beach, Belmont Shore, Hermosa Beach, Bel Air, Pacific Palisades, Tarzana and Agoura.
 All of the offices acquired during the past two weeks are former locations of Progressive Savings and Far West Savings and were obtained in conjunction with other financial institutions through the Resolution Trust Corp.
 In addition to the seven new offices opened in the past two weeks, First Federal added two new savings locations in 1991 and plans to open two additional regional loan centers in 1992.
 First Federal Bank earnings for 1991 were at record high levels for the fourth consecutive year. Its loan portfolio, as measured by its non-performing assets ration, is among the best in the nation and the bank substantially exceeds all government-required capital ratios.
 Based on the market value of its stock, First Federal Bank (FirstFed Financial Corp.) is among the ten largest savings institutions in the nation. The stock of the bank, which is traded on the New York Stock Exchange, is currently selling for approximately ten times its original issue price, adjusted for five stock splits within that period.
 William S. Mortensen, chairman and chief executive officer of First Federal, commented, "We believe that our company is in an excellent position to expand in a banking environment where people are very concerned about the safety of their funds and the type of service they receive." He added, "There has been a return to traditional values in banking; depositors want us to treat their money as if it were our own, and that is precisely what we do."
 -0- 3/20/92
 /CONTACT: Martin Gottlieb or Craig Smith of First Federal Bank of California, 310-319-6030/ CO: First Federal Bank ST: California IN: FIN SU:


EH-TM -- LA027 -- 0319 03/20/92 22:03 EST
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Publication:PR Newswire
Date:Mar 20, 1992
Words:349
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