Harbor Bancorp & Subsidiaries - Page 5

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          construction of two multifamily housing projects in Riverside               
          County.  SBE was a California corporation founded in the early              
          1970's by Craig K. Etchegoyen, who was its chief executive                  
          officer and president.  One of these projects was the Whitewater            
          Garden Apartments (Whitewater), a proposed 460-unit multifamily             
          rental project to be located in Cathedral City, California.  Its            
          anticipated cost was slightly more than $17 million.  The other             
          was the Ironwood Apartments (Ironwood), a proposed 312-unit                 
          project located in Moreno Valley, California.  Its anticipated              
          cost was slightly more than $12 million.  Twenty percent of the             
          apartment units to be constructed in each of these projects were            
          to be set aside to provide housing for low-to-moderate-income               
          families.                                                                   
               SBE submitted detailed information concerning the                      
          feasibility of the projects to Riverside County officials.  Upon            
          receipt of the development information, the Housing Authority and           
          related county agencies conducted an extensive review of the                
          proposals to determine the need, feasibility, cost effectiveness,           
          accessibility, and desirability of these projects.  The Housing             
          Authority approved the projects and thereafter engaged the law              
          firm of Camfield & Christopher to act as bond counsel.                      
               James W. Newman, Jr., was a partner in the Houston office of           
          the law firm of Stubbeman, McRae, Sealy, Laughlin & Browder                 


          (...continued)                                                              
          a partnership in which SBE was the general partner.                         



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