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BMR FINANCIAL REACHES DEFINITIVE AGREEMENTS FOR SALE OF THREE BANKING SUBSIDIARIES

 BMR FINANCIAL REACHES DEFINITIVE AGREEMENTS
 FOR SALE OF THREE BANKING SUBSIDIARIES
 ATLANTA, March 16 /PRNewswire/ -- BMR Financial Group, Inc. (NASDAQ: BMRG) today announced that it has reached definitive agreements for the sale of three of its banking subsidiaries: the Citizens Bank, Americus, Ga.; the Citizens Bank, Swainsboro, Ga.; and the Brice Banking Company, Vidalia, Ga.
 In each case the purchaser is a new bank holding company formed by local investors in these banking communities. The agreements call for the company to receive a total of $15.52 million cash in transactions expected to close early in the third quarter of 1992. The company announced previously an agreement to sell its Meigs County Bank, Decatur, Tenn., for $1.2 million cash and 354,537 shares of the company's common stock. The transactions are subject to the receipt of regulatory approvals, the approval of the company's common and preferred shareholders, the consent of the company's lenders and the satisfaction of other conditions as provided in the purchase agreements.
 The company anticipates using $11.8 million of the proceeds from these sales to repay its total long-term debt of $6.8 million and to redeem its $5.0 million preferred stock. The total purchase price for the Georgia banks exceeds the total carrying value of these banks on the books of the company. While the company has held preliminary discussions regarding the possible sale of its two banks in Florida, such discussions will be discontinued pending the completion of the company's annual meeting of shareholders to be held in May or June, at which meeting the agreements relating to the company's Tennessee and Georgia banks will be considered by the shareholders.
 -0- 3/16/92
 /CONTACT: Douglas G. Greene of BMR Financial Group, 404-938-7962/
 (BMRG) CO: BMR Financial Group, Inc. ST: Georgia IN: FIN SU: TNM


BN-BR -- AT002 -- 8129 03/16/92 08:49 EST
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Publication:PR Newswire
Date:Mar 16, 1992
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