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GLENDALE BANCORPORATION ANNOUNCES 1991 NINE MONTH RESULTS

       GLENDALE BANCORPORATION ANNOUNCES 1991 NINE MONTH RESULTS
    VOORHEES, N.J., Nov. 8 /PRNewswire/ -- Glendale Bancorporation (NASDAQ: GNBC), the holding company of Glendale National Bank of New Jersey and Glendale Bank of Pennsylvania, reported today net income of $238,000 for the nine months ended Sept. 30, 1991, as compared with $655,000 for the comparable period in 1990.
    On a per-share basis, primary and fully diluted net income was $.13 as compared to $.34 for the nine months ended Sept. 30, 1991 and 1990, respectively.
    The lower net income is attributable to an increase in the allowance for loan losses and other real estate owned.  During the nine months ended Sept. 30, 1991, the corporation provided approximately $1.7 million to the allowance as compared to $960,000 for the same period of 1990, an increase of $740,000.
    Based on these results and in accordance with the established 1991 corporate dividend policy, which limits the payment of cash dividends not to exceed 50 percent of net income, the corporation has elected not to declare a quarterly cash dividend.
    /delval/
    -0-                         11/8/91
    /CONTACT:  James M. Golubieski of Glendale Bancorporation, 609-627-0300/
    (GNBC) CO:  Glendale Bancorporation ST:  New Jersey IN:  FIN SU:  ERN JS-KA -- PH031 -- 2683 11/08/91 15:56 EST
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Publication:PR Newswire
Date:Nov 8, 1991
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