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CENTRAL HOLDING COMPANY REPORTS RESULTS OF THIRD QUARTER ENDED MARCH 31, 1992

 CENTRAL HOLDING COMPANY REPORTS RESULTS OF THIRD QUARTER
 ENDED MARCH 31, 1992
 MOUNT CLEMENS, Mich., May 22 /PRNewswire/ -- Central Holding Company (NASDAQ: CHOL) (the "company" or "CHC") reported a net loss of $4,339,000 or $1.20 per share and $8,119,000 or $2.24 per share for the three and nine months ended March 31, 1992, as compared to net losses of $738,000 or $0.20 per share and $200,000 or $0.06 per share for the corresponding periods one year earlier.
 CHC reported a net loss from continuing operations and before extraordinary items of $2,899,000 and $3,753,000 for the three and nine months ended March 31, 1992, as compared to net losses of $526,000 and $200,000 for the corresponding periods one year earlier.
 The net loss of $2,899,000 from continuing operations for the quarter ended March 31, 1992, is primarily the result of the accrual of estimated income taxes and interest, thereon, as the result of an examination by the Internal Revenue Service (IRS) of CHC's federal tax returns for fiscal years 1987 through 1990. In connection with the IRS examination, the company provided for its estimate of additional taxes which may be due of $750,000 plus interest, thereon, of $460,000. In addition, as a result of the IRS examination and fiscal 1992 losses, CHC's current and deferred tax receivables were written down $1.5 million.
 Additionally, the company recorded additional provisions of $800,000 on real estate owned reflecting a continuing depressed real estate market. The company's non-performing loans and real estate owned has declined from $25.5 million at March 31, 1991, to $20.4 million at March 31, 1992.
 Additionally, during the quarter and nine months ended March 31, 1992, CHC reported a loss from discontinued operations of $1,440,000 and $3,686,000, respectively, due to the partial write-down of the assets of the company's real estate brokerage franchising operations to anticipated net sales value. As a result of regulatory capital considerations and discussions with the Office of Thrift Supervision (OTS), the company is in the process of selling its real estate brokerage franchise operations. The company's ability to include its investment in its real estate brokerage franchise operations as regulatory capital is currently limited under federal regulations and will be totally eliminated by July 1994.
 The nine months ended March 31, 1992, also included extraordinary charges of $680,000 due to the early payoff of higher costing borrowings from the Federal Home Loan Bank of Indianapolis. The early prepayment of borrowings is part of the company's ongoing efforts to obtain regulatory capital compliance at Colonial.
 CHC is a real estate and financial services organization headquartered in Mount Clemens. Its main operating subsidiaries include: Colonial Central Savings Bank, F.S.B., a federally chartered stock savings bank with branches in Michigan and Indiana; Red Carpet Real Estate Services, Inc., Red Carpet Keim and Gallery of Homes, which franchise real estate brokerage offices; and Central Mortgage Corporation, which originates residential mortgage loans.
 CENTRAL HOLDING COMPANY
 OPERATING HIGHLIGHTS
 (In thousands of dollars, except per-share data)
 Three Months Ended Nine Months Ended
 March 31, March 31,
 1992 1991 1992 1991
 Net interest income $2,641 $2,393 $7,648 $8,069
 Net loss from
 continuing opers. (2,899) (526) (3,753) (200)
 Net loss from
 discontinued opers. (1,440) (212) (3,686) ---
 Net loss after
 discontinued
 operations but bef.
 extraordinary items (4,339) (738) (7,439) (200)
 Net loss from
 extraordinary items --- --- (680) ---
 Net loss (4,339) (738) (8,119) (200)
 Per-share data:
 Net loss per share
 from continuing opers. ($.80) ($.15) ($1.04) ($.06)
 Net loss per share from
 discontinued opers. ($.40) ($.05) ($1.01) ---
 Net loss per share after
 discontinued opers. but
 bef. extraordinary items ($1.20) ($.20) ($2.05) ($.06)
 Net loss per share from
 extraordinary items --- --- ($.19) ---
 Net loss per share ($1.20) ($.20) ($2.24) ($.06)
 Avgerage shares
 outstanding 3,622 3,622 3,622 3,622
 CENTRAL HOLDING COMPANY
 BALANCE SHEET HIGHLIGHTS
 (In thousands of dollars, except per-share data)
 March 31, June 30,
 1992 1991
 Total assets $375,164 $455,796
 Loans receivable, net 281,154 300,719
 Deposit accounts 316,996 341,974
 Stockholders' equity 10,033 18,081
 Book value per share 2.77 4.99
 -0- 5/22/92
 /CONTACT: Margaret S. Makela or Robert N. Shuster of Central Holding Company, 313-792-7000/
 (CHOL) CO: Central Holding Company ST: Michigan IN: FIN SU: ERN


SM-JB -- DE016 -- 3354 05/22/92 13:46 EDT
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Date:May 22, 1992
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