EXHIBIT 99.(d)

For Immediate Release

           Imperial Credit Commercial Mortgage Investment Corp. and
         Imperial Credit Industries, Inc. Complete $303 Million Merger

     LOS ANGELES, CALIFORNIA, March 28, 2000.  Imperial Credit Commercial
Mortgage Investment Corp. (Nasdaq: "ICMI") and a subsidiary of Imperial Credit
Industries, Inc. (Nasdaq: "ICII") completed their $303 million merger today.

     As a result of the merger, Imperial Credit Industries, Inc. effectively
acquired all of the issued and outstanding shares of ICMI's common stock (other
than the 2,570,000 shares already owned by ICII) for a cash purchase price of
$11.5753246 per share.  In addition, as previously announced, ICMI will pay a
final dividend of $0.23 per share on April 14, 2000 to its stockholders of
record as of March 27, 2000.

     Mark S. Karlan, President and Chief Executive Officer of ICMI from the time
of its initial public offering until the closing of the merger, stated "We are
extremely pleased to have successfully completed our all-cash merger with ICII.
Our stockholders overwhelmingly approved the merger at a special meeting on
March 20, 2000, and will receive more than $11.80 in cash from the merger
consideration and the final dividend.  ICMI has been the best performing
mortgage REIT in terms of stock price performance since the date of our initial
public offering in October 1997."  Prior to completion of the merger, ICMI was a
publicly traded real estate investment trust that invested primarily in
multifamily and commercial mortgage loans, real property and commercial
mortgage-backed securities.

     H. Wayne Snavely, Chairman, President and Chief Executive Officer of ICII,
stated "We are pleased to have completed the merger and believe that it will add
significant value to Imperial Credit Industries."  Imperial Credit Industries,
Inc., a financial services holding company, was formed in 1991 and is
headquartered in Torrance, California.  The Company's major business activities
are conducted through four wholly owned subsidiaries: Southern Pacific Bank,
Imperial Business Credit, Inc., Imperial Credit Asset Management, Inc., and
Imperial Credit Lender Services, Inc.  The Company's majority owned subsidiary
is Imperial Capital Group, LLC (approximately 60% ownership).  Imperial Credit
Industries, Inc. and its subsidiaries and affiliates offer a wide variety of
commercial banking and financial services, investment products and asset
management services.

     Certain statements contained herein are "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the Securities Act
of 1934, as amended.  These forward-looking statements may be identified by
reference to a future period(s) or by the use of forward-looking terminology,
such as "may," "will," "intend," "should," "expect," "anticipate," "estimate" or
"continue" or the negatives thereof or other comparable terminology.  Actual
results could differ materially from those anticipated in such forward-looking
statements due to a variety of factors, including, but not limited to, changes
in national, regional or local economic environments, competitive products and
pricing, government fiscal and monetary policies and other factors generally
understood to affect the real estate acquisition, mortgage and leasing markets
and security investments.

     For further information, please contact Karen Montandon at (310) 791-8022.