EXHIBIT 99






                                                                     EXHIBIT 99
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                                    [LOGO]

                       SECURITY INVESTMENTS GROUP, INC.

FOR IMMEDIATE RELEASE               FOR FURTHER INFORMATION CONTACT:
- ---------------------               --------------------------------
July 2, 1996                        P. Paul Ricci
                                    President, Chief Executive
                                    Officer and Chairman of the Board
                                    (609) 794-3586

        SECURITY INVESTMENTS ANNOUNCES SUPREME COURT DECISION ON GOODWILL

      VINELAND,  NEW JERSEY-- (July 2, 1996) Security  Investments  Group,  Inc.
(the "Company"), previously the parent holding company of Security Savings Bank,
SLA,  today  announced  that United States  Supreme Court affirmed a decision by
U.S.  Court of Federal  Claims that the federal  government  breached an express
contract with a savings  association  when it changed the  accounting  treatment
relating  to goodwill in 1989.  The Court held that the  federal  government  is
therefore  liable  for  damages  and  remanded  the case to the Court of Federal
Claims to determine the amount of such damages.  The trial to determine  damages
in the case is expected to begin within 120 days.

      Prior  to 1989,  thrift  institutions  were  permitted  to count  goodwill
created from the  acquisition of troubled  institutions  as regulatory  capital.
Prior to such time, the federal  government  encouraged  thrift  institutions to
acquire troubled institutions and to count the losses acquired as goodwill. When
the U.S.  Congress  passed  legislation in 1989 reversing this  treatment,  many
institutions were subsequently  seized by the federal  government for failing to
meet their minimum capital  requirements.  Many of those  institutions  sued the
federal government for breach of contract.  On August 8, 1995, the Company filed
a lawsuit in the United States Court of Federal Claims against the United States
Government to recover damages for breach of contract occasioned by the enactment
of this law. The case that was decided  yesterday by the Supreme  Court was U.S.
v. Winstar Group. While the Company was not part of yesterday's  decision by the
Supreme  Court,  it has been advised by its counsel that the  Company's  case is
similar to the group of cases so decided.

      When  the  federal  government  placed  Security  Savings  Bank,  SLA into
receivership  in December  1992,  the Company had  approximately  $53 million in
goodwill.  The  Company  is unable to  predict  the  amount of damages it may be
entitled  to,  if any,  as a result  of the  Supreme  Court  decision  announced
yesterday.





      The Company is an inactive Delaware business corporation that is traded in
the "pink sheets."  Since  December 1992, the Company ceased  operations and has
engaged  only in those  activities  necessary  to keep its  stockholder  records
current and pursue its litigation against the federal government.