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BURRITT INTERFINANCIAL BANCORP ANNOUNCES THIRD-QUARTER RESULTS

 BURRITT INTERFINANCIAL BANCORP ANNOUNCES THIRD-QUARTER RESULTS
 NEW BRITAIN, Conn., Oct. 28 /PRNewswire/ -- Burritt InterFinancial Bancorporation (NASDAQ: BANQ) today reported earnings of $28,300 or $0.01 per share for the third quarter ended Sept. 30, 1992. This is a significant improvement over the last eight quarters in which Burritt posted losses. Net income for the third quarter compared to a loss of $3.3 million or $0.99 per share for the same quarter last year. For the nine-month period ended Sept. 30, the company lost $6.3 million compared to a loss of $22.1 million a year ago.
 "Burritt is pleased to report a profit, however small," said Patrick Wisman, president and chief executive officer. "The administrative and managerial changes begun earlier this year are beginning to produce improvements. However, we must address our serious capital deficiency on an urgent basis."
 During the quarter no provisions for loan losses were recorded since the company recorded net recoveries of $1 million for loans previously charged off. For the first nine months of 1992, the provision for loan losses totaled $12 million compared to $24 million for the same period last year. As of Sept. 30, 1992, the allowance for possible loan losses was $25.2 million compared to $14.7 million at Sept. 30, 1991, and $24.2 million at June 30, 1992.
 Nonperforming assets, which include $38.2 million in nonperforming loans, were $70.6 million or 13.5 percent of total assets. This compares to $64.9 million for the quarter ended June 30, 1992.
 Losses and expenses on other real estate owned were reduced again in the third quarter to $838,000. This is a decline from $1.3 million in the second quarter and from $995,000 in the third quarter of last year. For the first nine months of 1992, Burritt reported a loss of $3.3 million for other real estate holdings compared to a $7 million loss over the same period in 1991.
 Burritt's total assets as of Sept. 30 were $524 million. At Sept. 30, 1992, the company's Tier 1 and tangible capital ratios were 1.72 percent, which were significantly below all minimum regulatory requirements and not in compliance with the cease and desist order entered into in April 1992. Under the terms of the order, the company is required to maintain a minimum 3 percent Tier 1 capital ratio at all times and increase that ratio to 4 percent by Oct. 17, 1992.
 Management is currently pursuing alternatives in order to improve the company's capital position. However, the company's ability to achieve compliance with the required capital levels depends upon an infusion of capital from external sources. There can be no assurance that the company's efforts to increase capital will be successful or, if successful, whether shareholder values can be preserved. If the company's tangible capital remains below 2 percent on Dec. 19, 1992, pursuant to provisions of the Federal Deposit Insurance Corporation Improvement Act of 1991, the FDIC will be required, subject to certain limited exceptions, to place the company in conservatorship or receivership within 90 days. Any such action would result in the complete loss by the shareholders of their investment in the company.
 BURRITT INTERFINANCIAL BANCORPORATION
 Comparative Results
 Periods ended Quarter Nine Months
 Sept. 30 1992 1991 1992 1991
 Net income (loss) $28,300 $(3,326,900) $(6,296,800) $(22,136,285)
 Earnings (loss)
 per share $0.01 $(0.99) $(1.87) $(6.58)
 Total assets $523,851,000 $620,826,000
 Total loans $444,252,000 $513,205,000
 Total deposits $504,505,000 $586,921,000
 Burritt InterFinancial Bancorporation is a state-chartered (FDIC- insured) savings bank. The company serves as a financial intermediary, accepting deposits, originating loans and providing an expanding range of financial services to its markets.
 -0- 10/28/82
 /CONTACT: Barbara J. Bennett, senior vice president and chief financial officer, 203-225-7601, or before and after hours, 203-225-7606/
 (BANQ) CO: Burritt InterFinancial Bancorporation ST: Connecticut IN: FIN SU: ERN


GK-SM -- NY029 -- 5900 10/28/92 10:37 EST
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Date:Oct 28, 1992
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