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FLORIDA FIRST FEDERAL SAVINGS BANK ANNOUNCES APPROVAL OF CAPITAL PLAN AND ISSUANCE OF CAPITAL DIRECTIVE

FLORIDA FIRST FEDERAL SAVINGS BANK ANNOUNCES APPROVAL OF CAPITAL PLAN
 AND ISSUANCE OF CAPITAL DIRECTIVE
 PANAMA CITY, Fla., Jan. 30 /PRNewswire/ -- Florida First Federal Savings Bank (NASDAQ-NMS: FFPC), Panama City, Fla., today announced that it had received a capital directive, dated Dec. 12, 1991 ("capital directive"), from the Office of Thrift Supervision (OTS) pursuant to a stipulation and consent to the issuance of a capital directive previously submitted by the board of directors of the savings bank to the OTS. The savings bank had previously announced that the OTS had informed the savings bank of its intent to approve the savings bank's capital restoration plan ("capital plan") subject to issuance of the capital directive.
 The capital directive approves the capital plan which the savings bank submitted in March 1991 subject to revisions to be submitted to the OTS within 60 days of the date of the capital directive and provided the savings bank complies with the terms of the capital directive. The revised capital pan will limit asset growth, executive and director compensation, capital distributions and new activity of the savings bank in compliance with the capital directive and consistent with current operations of the savings bank. The capital directive also requires the savings bank to make diligent and good faith efforts to seek additional capital by June 30, 1992. To facilitate acquisition of additional capital as provided in the capital directive, the savings bank will in good faith consider proposals submitted by and provide information to potential acquirers referred to it by the OTS.
 The savings bank intends to take all necessary and appropriate steps to ensure full compliance with the capital directive and the capital plan.
 The savings bank conducts business through nine full-service offices. Florida First Federal's common stock trades under the symbol "FFPC" on the NASDAQ National Market System.
 -0- 1/30/92
 /CONTACT: Andrew W. Stein, president of Florida First Federal Savings Bank, 904-872-7000/
 (FFPC) CO: Florida First Federal Savings Bank ST: Florida IN: FIN SU:


SS-JJ -- FL016 -- 5518 01/30/92 17:42 EST
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Publication:PR Newswire
Date:Jan 30, 1992
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