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Countrywide Seeks Status as Financial Holding Company

August 22, 2000

Countrywide Credit Industries Inc. and Countrywide Financial Holding Co. of Calabasas, in conjunction with Effinity Financial Corp., have applied to the Federal Reserve Board to become bank holding companies with financial holding company status. The application is being submitted in conjunction with EFC's efforts to acquire Treasury Bank, a Washington, D.C.-chartered commercial bank. Countrywide recently purchased a majority interest in EFC to expand Countrywide's banking services.

Countrywide provides financial services including home mortgages, transaction processing, mortgage-related investment banking services and insurance.

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