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ELMWOOD BANCORP, INC. MORE THAN DOUBLES SECOND QUARTER EARNINGS

 MEDIA, Pa., July 16 /PRNewswire/ -- Elmwood Bancorp, Inc. (NASDAQ: EFSB) today reported net income of $710,000 or $.48 per common share, for the second quarter in 1993, a 162 percent increase over the net income of $271,000 or $.19 per common share reported for the same period in 1992.
 For the six months ended June 30, 1993, the company reported cumulative net income of $1.75 million, or $1.19 per common share. Of this amount, $485,000 or $.33 per share, includes the positive effect of an accounting change recorded in March. This compares with net income of $537,000 or $.37 per common share, for the six months ended June 30, 1992.
 Chairman and Chief Executive Officer Frank Freeman attributed the remarkable gains to several factors, which include: increased interest rate spreads, improving economic conditions and the corresponding lower provisions for possible loan losses, the generation of higher net income because of changes in fee structures, and a significant decrease in operating expenses.
 At June 30, 1993, the company's total assets were $267.6 million, an increase of approximately $27 million over the $240.6 million reported at Dec. 31, 1992.
 Headquartered in Media, Elmwood Bancorp, Inc. is the parent of Elmwood Federal Savings Bank, a federally chartered savings bank which operates nine full-service offices, and which, as of June 30, 1993, had $24.3 million in shareholders' equity. The company recently announced the signing of a definite agreement to become the fifth banking partner of Keystone Financial, Inc. of Harrisburg, the ninth-largest bank holding company in Pennsylvania, with assets of approximately $3.1 billion.
 /delval/
 -0- 7/16/93
 /CONTACT: Frank C. Freeman, chairman of Elmwood Bancorp, 215-565-8200/
 (EFSB)


CO: Elmwood Federal Savings Bank; Elmwood Bancorp, Inc. ST: Pennsylvania IN: FIN SU: ERN

CC-LJ -- PH014 -- 2499 07/16/93 13:13 EDT
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Publication:PR Newswire
Date:Jul 16, 1993
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