CITFED <CTYF.O> TO MAKE OPEN MARKET PURCHASES
CityFed Financial Corp said it
will from time to time make open market purchases of its common
stock for an amount not to exceed one mln dlrs.
    The shares will be held by the company as treasury stock.
    CityFed also said that its City Federal Savings Bank unit
will be acquiring additional shares for the units employee
stock ownership trust. The additional purchase by the employee
stock trust will be funded by a loan up to five mln dlrs.
    At the current stock price of 5.50 dlr to 6.50 dlrs,
CityFed and the trust will be able to purchase about 950,000
additional shares, or about five pct of shares outstanding.
 Reuter
