Countrywide Receives Federal Reserve Board Approval To Become Bank and Financial Holding Company

Apr 12, 2001, 01:00 ET from Countrywide Credit Industries, Inc.

    CALABASAS, Calif., April 12 /PRNewswire/ -- Today, the Federal Reserve
 Board approved Countrywide Credit Industries, Inc. (NYSE:   CCR), a diversified
 financial services provider and a member of the S&P 500, and two of its
 subsidiaries as bank holding and financial holding companies.  The approval
 clears the way to finalize the acquisition of Treasury Bank, Ltd., by
 Countrywide's majority-owned affiliate, Effinity Financial Corporation of
 Alexandria, Virginia.
     "This approval brings us closer to the realization of our diversification
 strategies," said Countrywide's Chairman, President and Chief Executive
 Officer Angelo R. Mozilo.  "We can move forward with our plans to further
 diversify Countrywide's product offerings, implement Internet banking
 strategies and enhance relationships and retention rates with our existing
 base of nearly 3 million mortgage customers and 500,000 insurance customers."
     "As a bank and financial holding company, Countrywide will be able to
 capitalize on our strengths to offer new and existing customers a powerful
 suite of banking products," said Countrywide's Chief Operating Officer and
 Executive Managing Director Stanford L. Kurland.  "This change in status also
 enables us to leverage two of our most important core competencies; asset
 origination capability and processing expertise."
 
     Founded in 1969, Countrywide Credit Industries provides consumer and
 business-to-business financial services in domestic and international markets.
 Consumer businesses include mortgages, insurance and other financial products.
 Business-to-business activities encompass capital markets, transaction
 processing and insurance.  The company is headquartered in Calabasas,
 California and has more than 12,000 employees with over 500 offices.
     Principal subsidiaries include Countrywide Home Loans, Inc., which
 originates, purchases, securitizes, sells and services home loans; Full
 Spectrum Lending, Inc., a sub-prime residential lender; the LandSafe
 companies, providers of loan closing services; Countrywide Insurance Services,
 Inc., a full service insurance agency; Countrywide Capital Markets, a
 mortgage-related investment banker; and Balboa Life & Casualty, a national
 provider of property, liability and life insurance.  In addition, Countrywide
 owns 50 percent of Global Home Loans, Ltd. a European mortgage banking joint
 venture.
     For more information about the company, visit Countrywide's Web site at
 www.countrywide.com.
 
     Certain of the information included in this press release may contain
 forward-looking statements.  These forward-looking statements are subject to
 certain risks and uncertainties, which could cause actual results to differ
 materially from historical results or those anticipated due to a number of
 factors such as the direction and level of interest rates, competitive and
 general economic conditions in each of our business sectors, expense
 management and other risks detailed in documents filed by the company with the
 Securities and Exchange Commission from time to time.  Words like "believe,"
 "expect," "should," "may," "could," "anticipated" and other expressions which
 indicate future events and trends identify forward-looking statements.  The
 company undertakes no obligation to publicly update or revise any
 forward-looking statements.
 
 

SOURCE Countrywide Credit Industries, Inc.
    CALABASAS, Calif., April 12 /PRNewswire/ -- Today, the Federal Reserve
 Board approved Countrywide Credit Industries, Inc. (NYSE:   CCR), a diversified
 financial services provider and a member of the S&P 500, and two of its
 subsidiaries as bank holding and financial holding companies.  The approval
 clears the way to finalize the acquisition of Treasury Bank, Ltd., by
 Countrywide's majority-owned affiliate, Effinity Financial Corporation of
 Alexandria, Virginia.
     "This approval brings us closer to the realization of our diversification
 strategies," said Countrywide's Chairman, President and Chief Executive
 Officer Angelo R. Mozilo.  "We can move forward with our plans to further
 diversify Countrywide's product offerings, implement Internet banking
 strategies and enhance relationships and retention rates with our existing
 base of nearly 3 million mortgage customers and 500,000 insurance customers."
     "As a bank and financial holding company, Countrywide will be able to
 capitalize on our strengths to offer new and existing customers a powerful
 suite of banking products," said Countrywide's Chief Operating Officer and
 Executive Managing Director Stanford L. Kurland.  "This change in status also
 enables us to leverage two of our most important core competencies; asset
 origination capability and processing expertise."
 
     Founded in 1969, Countrywide Credit Industries provides consumer and
 business-to-business financial services in domestic and international markets.
 Consumer businesses include mortgages, insurance and other financial products.
 Business-to-business activities encompass capital markets, transaction
 processing and insurance.  The company is headquartered in Calabasas,
 California and has more than 12,000 employees with over 500 offices.
     Principal subsidiaries include Countrywide Home Loans, Inc., which
 originates, purchases, securitizes, sells and services home loans; Full
 Spectrum Lending, Inc., a sub-prime residential lender; the LandSafe
 companies, providers of loan closing services; Countrywide Insurance Services,
 Inc., a full service insurance agency; Countrywide Capital Markets, a
 mortgage-related investment banker; and Balboa Life & Casualty, a national
 provider of property, liability and life insurance.  In addition, Countrywide
 owns 50 percent of Global Home Loans, Ltd. a European mortgage banking joint
 venture.
     For more information about the company, visit Countrywide's Web site at
 www.countrywide.com.
 
     Certain of the information included in this press release may contain
 forward-looking statements.  These forward-looking statements are subject to
 certain risks and uncertainties, which could cause actual results to differ
 materially from historical results or those anticipated due to a number of
 factors such as the direction and level of interest rates, competitive and
 general economic conditions in each of our business sectors, expense
 management and other risks detailed in documents filed by the company with the
 Securities and Exchange Commission from time to time.  Words like "believe,"
 "expect," "should," "may," "could," "anticipated" and other expressions which
 indicate future events and trends identify forward-looking statements.  The
 company undertakes no obligation to publicly update or revise any
 forward-looking statements.
 
 SOURCE  Countrywide Credit Industries, Inc.