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FIRST EASTERN ANNOUNCES THIRD QUARTER RESULTS

 WILKES-BARRE, Pa., Oct. 20 /PRNewswire/ -- First Eastern Corp. (NASDAQ: FEBC) today reported a net loss of approximately $3.6 million, or 30 cents per share, for the quarter ended Sept. 30, 1993, as compared to a loss of $17.5 million, or $1.73 per share, for the same quarter of 1992.
 For the nine months ended Sept. 30, 1993, the net loss approximated $2.5 million, or 21 cents per share, as compared to a loss of $31.8 million, or $3.14 per share, last year.
 In announcing these results, Frederick A. Deal, president and chief executive officer, said, "The loss for the third quarter was attributable primarily to the level of loan loss provision, as well as expenses associated with other real estate owned and a decrease in earning assets." Deal also noted that nonperforming assets continued to trend sharply downward, declining to approximately $100 million at Sept. 30, 1993, from $141 million at Sept. 30, 1992, a 29 percent reduction.
 Other income for the third quarter decreased by 11 percent, as compared to last year's third quarter. However, adjusted for the sale or discontinuance of certain lines of business, other income was relatively flat. Other expenses decreased 23 percent for the quarter, and 18 percent for the first nine months of 1993, as compared to the same periods last year.
 Third quarter results were also affected by a reduction in net interest income, partially attributable to a declining balance sheet. At September 30, 1993, total assets were $2.1 billion, vs. $2.5 billion a year earlier.
 Deal concluded, "While we were disappointed that the company experienced a loss for the quarter, the trend in nonperforming assets is significant. We will continue to emphasize the resolution of our problem assets, a key factor affecting our profitability."
 On July 27, 1993, First Eastern Corp. and PNC Bank Corp. (NYSE: PNC) announced that they had signed a definitive agreement for PNC Bank to acquire First Eastern. The transaction is subject to various regulatory and First Eastern shareholder approvals. Closing is expected in the first half of 1994.
 First Eastern Corp. is a one-bank holding company headquartered in Wilkes-Barre, PA. Its principal subsidiary, First Eastern Bank, N.A., serves a nine-county region in northeast Pennsylvania.
 FIRST EASTERN CORP.
 Summary of Operations
 Quarter Ended September 30, 1993
 (Dollars in thousands except per share)
 Periods ended Quarter Nine Months
 Sept. 30 1993 1992 1993 1992
 Net interest income $20,512 $24,944 $65,911 $75,267
 Loan loss provision 6,000 18,000 23,000 42,500
 Net interest income after
 provision for loan loss 14,512 6,944 42,911 32,767
 Other income 5,993 6,763 29,190 26,241
 Other expenses 24,147 31,203 74,521 90,827
 Loss before income tax (3,642) (17,496) (2,420) (31,819)
 Income tax --- --- 74 ---
 Net loss (3,642) (17,496) (2,494) (31,819)
 Earnings per common share:
 Net loss primary $(.30) $(1.73) $(.21) $(3.14)
 Net loss fully dilutive (.30) (1.73) (.21) (3.14)
 Weighted average
 common shares
 net of treasury stock 11,974,492 10,136,898 11,664,383 10,134,328
 (Dollars in millions)
 Sept. 30, 1993 Dec. 31, 1992 Sept. 30, 1992
 Assets $2,064 $2,340 $2,469
 Loans, net 1,348 1,582 1,849
 Deposits 1,825 2,111 2,247
 Stockholders' equity 161 135 133
 Selected ratios:
 Allowance for loan loss
 as a percentage of
 loans, net (pct.) 4.43 4.47 4.27
 Loans to deposits 73.85 74.92 82.26
 Equity to assets 7.80 5.79 5.38
 Capital ratios at Sept 30, 1993
 First First Mandated
 Minimum Eastern Eastern by
 Corp. Bank, N.A. Agreement
 (Consolidated) (Subsidiary)
 Tier I (pct.) 4 11.10 10.76 8.25
 Total capital (pct.) 8 12.39 12.05 N/A
 Leverage ratio(pct.) 3-5 7.22 7.04 6.50
 /delval/
 -0- 10/20/93
 /CONTACT: Karen Shonk of First Eastern Corp., 717-826-4777
 (FEBC)


CO: First Eastern Corp. ST: Pennsylvania IN: FIN SU: ERN

MP -- PH006 -- 4358 10/20/93 08:08 EDT
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Date:Oct 20, 1993
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