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GLENDALE BANCORPORATION ANNOUNCES 1992 ANNUAL RESULTS

 VOORHEES, N.J., March 9 /PRNewswire/ -- Glendale Bancorporation (NASDAQ: GNBC) today reported a net loss of $567,000 or $.32 per share, for the year ended Dec. 31, 1992, compared with net income of $225,000 or $.12 per share, for the prior year.
 The loss was primarily attributed to an increased provision for loan losses totalling $3,450,000 in 1992 as compared with $1,993,000 in 1991.
 For the quarter ended Dec. 31, 1992, the corporation recorded a net income of $47,000 or $.02 per share, compared with a net loss of $13,000 or $.01 per share, for the same period in 1991.
 Glendale Bancorporation, the parent company of Glendale National Bank of New Jersey and Glendale Bank of Pennsylvania, had consolidated total assets of $237 million at Dec. 31, 1992.
 /delval/
 -0- 3/9/93
 /CONTACT: Joseph J. Zullo, vice president and chief accounting officer of Glendale, 609-346-8400/
 (GNBC)


CO: Glendale Bancorporation ST: New Jersey IN: FIN SU: ERN

CC-MJ -- PH021 -- 4642 03/09/93 16:20 EST
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Publication:PR Newswire
Date:Mar 9, 1993
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