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SPEAR FINANCIAL INTRODUCES MUTUAL FUNDS SALES

 SAN DIEGO, March 24 /PRNewswire/ -- Spear Financial Services Inc. (NASDAQ: SFNS) today announced that its wholly owned subsidiary, James Mitchell & Co. (JMC), has successfully initiated a mutual funds sales program at Central Fidelity Bank (CFB), headquartered in Richmond, Va. For JMC, known as a leader in marketing tax-advantaged insurance products to customers of financial institutions, this program represents its entree into the mutual funds business.
 The program began on Feb. 16, 1993. Through the first full month of operation, the company was producing at an annualized rate in excess of $70 million. JMC sells five mutual funds, managed by Central Fidelity Bank. Included are equity, tax-exempt, money market and short- and intermediate-term bond funds.
 "We are extremely pleased with the results so far," said James K. Mitchell, chairman and chief executive of Spear Financial. "To date, mutual funds sales have exceeded our expectations.
 "Our strategy when we made the decision to enter the mutual funds business was to broaden our customer base," continued Mitchell. "Our tax-advantaged products are most attractive to higher net worth individuals nearing retirement age. Based on the early results, we have succeeded in attracting customers from a broader demographic group."
 Spear Financial Services Inc., through its subsidiary, James Mitchell & Co., is a leading marketer of tax-advantaged insurance products and mutual funds to customers of financial institutions.
 -0- 3/24/93
 /CONTACT: Doug Sherk or Jenifer Kirtland, 415-296-7383, or Michele Katz or Miriam Adler, 212-986-5900, all of Morgen-Walke, for Spear Financial/
 (SFNS)


CO: Spear Financial Services Inc.; James Mitchell & Co.;
 Central Fidelity Bank ST: California, Virginia IN: INS SU:


GT-TM -- SF001 -- 8912 03/24/93 06:30 EST
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Publication:PR Newswire
Date:Mar 24, 1993
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