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CHARTER FEDERAL ANNOUNCES SECOND QUARTER FISCAL 1992 PROFIT

 CHARTER FEDERAL ANNOUNCES SECOND QUARTER FISCAL 1992 PROFIT
 BRISTOL, Va., Jan. 9 /PRNewswire/ -- Charter Federal Savings Bank (NASDAQ: CHFD) announced today to its stockholders at their annual meeting that a net profit of $2.3 million or $0.63 per share on 3,656,297 average shares outstanding had been generated for the second quarter of fiscal 1992 ended Dec. 31, 1991. The quarterly results as determined from the books and records of the Savings Bank are subject to final review, but are not expected to change.
 For the previous quarter, which ended Sept. 30, 1991, the Savings Bank realized a net profit of $206,000 or $0.06 per share on 3,656,297 average shares outstanding, and for the same quarter of the previous year, which ended Dec. 31, 1990, the Savings Bank recorded a net loss of $652,000 or $0.18 per share on the same number of average shares outstanding.
 Total net profit for the first six months of fiscal 1992 was $2,507,000 or $0.69 per share on 3,656,297 average shares outstanding compared with a loss of $1,607,000 or $0.44 per share on the same number of average shares outstanding for the same period of fiscal 1991.
 The substantial improvement in operating results was attributed primarily to (1) a significant increase in net interest margin from approximately 1.35 percent in December 1990 to approximately 2.6 percent in December 1991, and (2) receipt of $1,930,000 representing the recovery which resulted from action taken by the Savings Bank to collect funds embezzled by a former employee, as previously announced.
 The Savings Bank does not currently meet the three capital standards required by the Financial Institutions Reform, Recovery and Enforcement Act which became law in August 1989. Charter Federal is continuing to follow its Business Plan, although the Plan has been disapproved by the OTS. The Plan provides for full compliance with all existing capital requirements by June 30, 1994.
 Charter Federal, which began operation in 1920, is a federally- chartered stock Savings Bank headquartered in Bristol, Va. with 29 branch offices throughout Southwest and Southside Virginia and East Tennessee.
 -0- 1/9/92
 /CONTACT: Douglas D. Deppen, Senior Vice President and Chief Financial Officer, Charter Federal Savings Bank, 703-669-5101/
 (CHFD) CO: Charter Federal Savings Bank ST: Virginia IN: FIN SU: ERN


CM -- CH001 -- 8080 01/09/92 09:07 EST
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Publication:PR Newswire
Date:Jan 9, 1992
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