ORIENTAL FEDERAL INITIAL OFFERING UNDER WAY
Oriental Federal Savings Bank of
Humacao, Puerto Rico, said an initial public offering of
656,819 common shares is under way at 11.50 dlrs per share.
    The company issued a total of 1,075,000 shares in
converting from mutual form, with other shares sold in a
subscription offering.  Lead underwriter is <Drexel Burnham
Lambert Inc>.
 Reuter
