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Countrywide Completes the Acquisition of Treasury Bank
Industry Leader Poised to Provide Full Menu of Financial Services

CALABASAS, Calif., May 18 /PRNewswire/ -- Countrywide Credit Industries, Inc. (NYSE: CCR news), a diversified financial services provider and a member of the S&P 500, through its financial holding company subsidiary, Effinity Financial Corporation, has completed the acquisition of Treasury Bank. This announcement comes just weeks after Countrywide received approvals from the Office of the Comptroller of the Currency and the Federal Reserve Board to become a bank holding company and a financial holding company.

"Countrywide can now increase the distribution of products and services to its individual and institutional mortgage and insurance customers," said Countrywide's Chairman, President and Chief Executive Officer Angelo R. Mozilo. "Our banking strategy also leverages our mortgage distribution capabilities, simultaneously opening new markets and enabling greater flexibility and liquidity."

"The new banking entity will offer a full array of depository products through multiple distribution channels which will emphasize the Internet and will utilize existing Countrywide and related business facilities and the bank's main office in Alexandria, Virginia," said Countrywide's Chief Operating Officer and Executive Managing Director Stanford L. Kurland. "Countrywide's position as a one-stop financial services provider is now strengthened, enabling us to further diversify our products, revenue generation and business lines."

In addition to Countrywide's comprehensive mortgage product line, the company offers life, property and casualty insurance, credit cards, home equity lines of credit, real estate closing services and investments products. The further diversification of Countrywide's product offerings will strengthen customer retention and provide enhanced customer relationships.

Founded in 1969, Countrywide Credit Industries, a member of the Forbes 500, provides consumer and business-to-business financial services in domestic and international markets. Consumer businesses include mortgages, insurance, banking, investments 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; Effinity Financial Corporation, a bank holding company; 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 http://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.

Countrywide Credit Industries, Inc.
Web Site: http://www.countrywide.com

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