UNITED STATES SECURITIES AND EXCHANGE COMMISSION

   LITIGATION RELEASE NO. 16358 / November 17, 1999

   Securities and Exchange Commission v. Credit Bancorp, Ltd., Credit
   Bancorp, Inc., Richard J. Blech, Thomas M. Rittweger and Douglas C.
   Brandon, Civil Action No. 99 Civ. 11395 (RWS) (USDC SDNY).

   The Commission has obtained an order temporarily restraining Credit
   Bancorp, Ltd., Credit Bancorp, Inc. (collectively "Credit Bancorp"),
   Richard J. Blech, Thomas M. Rittweger and Douglas C. Brandon from
   making fraudulent offers, sales and purchases of securities in
   connection with an investment program. The court also froze the assets
   of Credit Bancorp, Blech and Rittweger. The complaint alleges the
   defendants have obtained investments of at least $120 million in
   marketable securities from individuals holding large blocks of stock
   which they cannot sell due to their positions with the issuers. Credit
   Bancorp has allegedly promised investors returns of 4% to 14% a year
   while the investors retain ownership of their securities, making the
   investment risk free. The defendants allegedly are representing that
   the promised returns will be generated by placing the securities in
   trust accounts established at major financial institutions in the name
   of Credit Bancorp; major European banks will then provide credit lines
   based on the value of the securities in the trust accounts, and the
   credit lines will be used to invest in a trading program which will
   generate the promised returns.

   The complaint alleges that, in fact, the securities are not placed in
   trust accounts. Instead they are placed in cash or margin accounts
   maintained and controlled by Credit Bancorp. It is further alleged the
   securities are then margined or sold outright, with the proceeds being
   wired to bank accounts in the United States and overseas or being used
   to purchase securities such as S&P 500 Index options. The Order was
   entered November 17, 1999, by the Honorable Robert W. Sweet, United
   States District Judge for the Southern District of New York.

   The complaint charged the defendants with violating Section 17(a) of
   the Securities Act of 1933 and Section 10(b) of the Securities
   Exchange Act of 1934 and Rule 10b-5 thereunder. A hearing has been
   scheduled for November 18, 1999.
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Modified 11/18/1999