PRESS RELEASE
For Immediate Release
Issued by: Red Capital Group

RED CAPITAL Finances California Mobile Home Park With Insured Mortgage and Bonds
FHA 207 Loan Used for Acquisition and Rehabilitation

Columbus, OH, Dec. 11, 2002 - Red Mortgage Capital, Inc., and Red Capital Markets, Inc., units of Red Capital Group, the nation's most comprehensive single source multifamily captial provider, completed a financing deal for a mobile home park in Bakersfield, California by providing both mortgage banking and investment banking services.

Pioneer Pines is a 337-space mobile home park that was acquired by the non-profit organization, The Associates Group for Affordable Housing, Inc. ("TAG"). TAG was formed in 1988 and works to preserve and maintain affordable housing in Kern County.

Red Mortgage Capital, Inc. processed an FHA insured mortgage loan commitment pursuant to Section 207 through the Los Angeles office of the U.S. Department of Housing and Urban Development ("HUD") and issued GNMA Mortgage-Backed securities related tot he financing. The underlying, 40-year non-recourse loan has a fixed mortgage rate of 6.62%.

Red Capital Markets, Inc. (Member NASD/SIPC) structured and underwrote $7,480,000 in Series A tax-exempt bonds and $350,000 in Series B taxable bonds to fund the mortgage loan, both of with were rated "AAA" by Moody's Investor Service, Inc., the highest rating available. The Housing Authority of the County of Kern served as the Issuer for the bonds. Twenty percent of the park's spaces will be reserved for persons or families having adjusted incomes at or below 50% of the Area Median Income levels.

FHA-insured loan insurance commitments issued under Section  207 primarily are used to finance the construction and rehabilitation of manufactured home parks which, in California in particular, provide an important affordable housing alternative.

Built in two phases in the 1970's, common ammenities at Pioneer Pines include a clubhouse with two kitchens, a billiard room and two saunas, a laundry building, a swimming pool and spa and accompany pool/spa equipment building. All three buildings will be renovated and a fenced children's play area will be added.

Gerals R. Gibbs, President of the Board of Directors of TAG said, "Due to the untiring efforts of Red Mortgagte Capital and Red Capital Markets, TAG's financial advisors, HUD/LA, the Kern County housing authority and the transaction advisor, Connolly Capital, Pioneer Pines Park will be renovated to accommodate 337 low- to moderate-income housing units which are greatly needed in the expanding California Market."

Richard R. Andrews, Director of Red Mortgage Capital, Inc. said "We are most appreciative of the hard work and cooperation extended by the Los Angeles HUD office to make this insured loan a reality for TAG and the park residents. The community now will be preserved, as well as improved."

About Red Capital Group: Red Capital Group provides debt and equity capital to multifamily housing, seniors housing, and other real estate projects. Red Capital Group consists of three operating companies which provide a full range of capital executions and solutions: Red Mortgage Capital, Inc., the nation's 4th most active Fannie Mae DUS Lender and 8th most active FHA project lender, Red Capital Markets, Inc., Member NASD/SIPC, the nation's 10th most active underwriter of tax-exempt multifamily housing bonds and a syndicator of low income housing tax credits, and Red Capital Advisors, LLC, the asset management, mezzaniene capital investment, and merchant banking arm. In addition, Red Capital Group provides construction financing for affordable housing projects nationwide thorugh Provident Community Development Company. Red Capital Group is headquartered in Columbus, Ohio, employs approximately 170 and maintains nine offices nationwide. Since 1990, the bankers of Red Capital Group have provided over $14 billion in taxable and tax-exempt first mortgage debt, mezzanine level capital and equity to multifamily and seniors housing properties worldwide. Red Capital Markets, Inc. currently has approximately $550 million in third party real estate equity investments under management. Red Mortgage Capital, Inc. services more than $4 billion in real estate mortgage loans, while Red Capital Markets, Inc. remarkets approximately $1.5 billion in adjustable rate, tax-exempt and taxable, tender option debt securities employed to finance real estate projects. http://www.redcapitalgroup.com/

The Red Capital Group companies are members of the Provident Financial Group, Inc. family of companies (Nasdaq:PFGI). Provident Financial Group is a Cincinnati-based diversified financial services organization with $16.2 billion in on-balance sheet assets as of September 30, 2002. http://provident-financial.com/.

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For information , please contact: Red Capital Group Richard R. Andrews, Director Red Mortgage Capital, Inc. San Diego, California (949.489.9465) rrandrews@redcapitalgroup.com

For more information, please contact: Red Capital Group Linda L. Mackov, Managing Director Business Development Columbus, Ohio (614) 857-1404 llmackov@redcapitalgroup.com