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DEERBANK REPORTS 53.5 PERCENT INCREASE IN THIRD QUARTER EARNINGS, ANNOUNCES TWO-FOR-ONE STOCK SPLIT AND INCREASES QUARTERLY CASH DIVIDEND

 DEERFIELD, Ill., July 21 /PRNewswire/ -- Deerbank Corp. (NASDAQ: DEER) today reported earnings of $2,120,000 for the third quarter ended June 30, 1993, an increase of 53.5 percent over the $1,381,000 reported for the similar period last year. Earnings per common share were $1.58 for the quarter ended June 30, 1993, and $1.13 per share for the quarter ended June 30, 1992.
 Net income for the first nine months of the current fiscal year was $6,059,000, an increase of 43.9 percent over the $4,211,000 recorded for the same period last year.
 Deerbank also announced a two-for-one stock split whereby each shareholder as of Aug. 6, 1993, the record date, would receive one additional share for each share held. The shares will be issued on Sept. 10, 1993.
 Along with the split, Deerbank announced a regular post-split cash dividend of fifteen ($0.15) per share payable on Oct. 15, 1993, to stockholders of record on Sept. 10, 1993. This represents a 20 percent increase over the dividend paid in July 1993. This will be Deerbank's second dividend increase this year. Its January dividend was 25 percent higher than the dividend paid in October 1992.
 Deerbank Corp. is the parent company for Deerfield Federal Savings and Loan Association, with total assets of $757 million and stockholders equity of over $50 million.
 Deerfield currently operates four offices in Cook County under its Norwood Federal Division and eight offices in McHenry County under its Northern Federal Division. Deerfield has two offices in Lake County and will be opening a third in Lake Zurich this fall.
 According to Wayne V. Ecklund, chairman of the board and president, "Each office is dedicated to meeting the unique credit needs of the community it serves. It is gratifying when small business owners understand we can handle all their business needs along with the loan on their home or automobile. In fact, we are ready, willing and able to handle all of their credit and deposit functions."
 He also stated that "We pride ourselves on offering all of our banking services with the personal, courteous professionalism each customer has the right to expect."
 DEERBANK CORP.
 Third quarter ended June 30 1993 1992
 Net income $2,120,000 $1,381,000
 Average shares outstanding (primary) 1,344,000 1,218,000
 Average shares outstanding (full dilution) 1,342,000 1,218,000
 Per share earnings (primary) $1.58 $1.13
 Per share earnings (full dilution) $1.58 $1.13
 Dividends paid or declared per share $0.25 $0.20
 Nine months quarter ended June 30 1993 1992
 Net income $6,059,000 $4,211,000
 Average shares outstanding (primary) 1,333,000 1,214,000
 Average shares outstanding (full dilution) 1,334,000 1,218,000
 Per share earnings (primary) $4.55 $3.47
 Per share earnings (full dilution) $4.54 $3.46
 Dividends paid or declared per share $0.25 $0.20
 Total assets at June 30 $757,400,000 $552,300,000
 Loan loss provision - quarter ended
 June 30 $120,000 $90,000
 Loan loss provision - nine months
 ended June 30 $360,000 $270,000
 Allowance for losses on loans at
 June 30 $4,343,000 $3,081,000
 -0- 7/21/93
 /CONTACT: David Mullins or Wayne V. Ecklund of Deerbank Corp., 708-945-2550, ext. 289/
 (DEER)


CO: Deerbank Corp. ST: Illinois IN: FIN SU: ERN

WB -- NY069 -- 3973 07/21/93 13:14 EDT
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Date:Jul 21, 1993
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