EXHIBIT 99.1


    Imperial Credit Industries, Inc. Purchases 3,682,537 Shares of Its Stock

     TORRANCE, Calif., May 17 /PRNewswire/ -- Imperial Credit Industries, Inc.
(Nasdaq: ICII) announced the purchase of 3,682,537 shares of its common stock at
$8.00 per share from its former parent Imperial Bank, a subsidiary of  Imperial
Bancorp (NYSE: IMP). H. Wayne Snavely, chairman of ICII, stated: "Imperial Bank
created ICII and has been a strong supporter of the Company during the past
seven years. We are sorry that current banking regulations require the
divestiture of the stock; however, in our opinion, this creates an opportunity
for ICII shareholders." The shares purchased will be retired. The purchase of
the stock will be financed by an issuance of new preferred stock in the amount
of $30 million, which has been privately placed.

     Imperial Credit Industries, Inc., a diversified financial services holding
company, was formed in 1991 and is headquartered in Torrance, California. The
Company's major business activities are conducted through its five wholly owned
subsidiaries: Southern Pacific Bank, Imperial Business Credit, Inc., Imperial
Credit Advisors, Inc., Imperial Credit Commercial Asset Management Corporation,
and Statewide Documentation, Inc. The Company's majority owned subsidiary is
Imperial Capital Group, LLC (approximately 60% ownership). The Company's
significant equity interest is Franchise Mortgage Acceptance Company (38.3%
ownership) (Nasdaq: FMAX). The Company manages and has a 10.8% equity ownership
interest in a commercial REIT, Imperial Credit Commercial Mortgage Investment
Corp. (Nasdaq: ICMI). Imperial Credit Industries, Inc., its subsidiaries and
affiliates, offer a wide variety of financial services, investment products, and
asset management services.

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