For further information contact:
Mr. Salvatore A. Bucci
Senior Vice President and Chief Financial Officer
DeGeorge Financial Corporation
(203) 699-3407

                              FOR IMMEDIATE RELEASE
                               September 17, 1997


CHESHIRE, CONNECTICUT - DeGeorge Financial Corporation (NASDAQ NMS: DEGE)
announced today that it had retained McGladrey & Pullen, LLP as its independent
certified public accounting firm, effective September 12, 1997.

McGladrey & Pullen, LLP is the nation's eighth largest certified public
accounting and consulting firm with more than 380 partners backed by more than
2,500 other highly qualified professionals and staff members in over 70 offices
across the United States.  The Firm's primary focus is on middle market,
entrepreneurial companies, including over 1,000 financial service companies
nationwide.

"We are very pleased to have McGladrey & Pullen on board as our independent
accounting firm," said Salvatore A. Bucci, Senior Vice President and Chief
Financial Officer.  "They have committed top notch people to our account who
have the expertise in financial services accounting that we are seeking.  We
look forward to working with them."

Separately, the Company announced that it had received a letter from NASDAQ
indicating that NASDAQ intended to review the Company's eligibility for
continued listing on The NASDAQ Stock Marketsm in light of NASDAQ's minimum net
tangible assets requirement and the Company's reported net losses through June
30, 1997.  The Company has informed NASDAQ of the pending proposal to go private
and has indicated to NASDAQ that, if the pending proposal to go private is not
consummated, the Company intends to develop a plan for achieving compliance with
NASDAQ's listing requirements within a reasonable time frame.

DeGeorge Financial Corporation arranges financing and is currently managing over
$200 million in underwritten construction loans.  It provides access to home
ownership for people who lack a sufficient down payment or sufficient income to
support the purchase of the home they desire through conventional mortgage
programs.  Through its packaging of financial services and customer support, the
Company enables its customers to reduce the cost of home construction by
eliminating the general contractor, the intent of which is to create an equity
position that serves as the down payment for permanent financing upon the
conclusion of the home construction process.


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