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GRANT STREET NATIONAL BANK (IN LIQUIDATION) REPORTS RESULTS

 GRANT STREET NATIONAL BANK (IN LIQUIDATION) REPORTS RESULTS
 PITTSBURGH, July 30 /PRNewswire/ -- Grant Street National Bank (in Liquidation) announced today that collections on assets during the three months ended June 30, 1992 were $2.7 million and exceeded the adjusted cost basis of the assets liquidated by $852,000.
 In addition, an unrealized gain of $2.3 million was recorded on the assets remaining to be liquidated. After operating expenses and taxes, net assets allocable to shareholders' equity rose $1.5 million to $22.5 million at June 30. At quarter-end, assets valued at $11.2 million remained to be liquidated.
 William B. Eagleson Jr., chairman, president and chief executive officer, said that some improvement was occurring in the markets where Grant Street's remaining real estate assets are located. This has been reflected in asset write-ups in the quarter just ended and should assist liquidation activities over the balance of the year.
 Eagleson also said that Grant Street's ongoing litigation is unlikely to be concluded this year.
 GRANT STREET NATIONAL BANK
 (In Liquidation)
 STATEMENTS OF ASSETS, LIABILITIES, REDEEMABLE
 SENIOR PREFERRED STOCK AND SHAREHOLDERS' EQUITY
 June 30, 1992 and Dec. 31, 1991
 (Dollar amounts in thousands)
 6/30/92 12/31/91
 (Unaudited) (Audited)
 Assets:
 Cash $ 694 $ 3,210
 Short-term investments, at cost which
 approximates market value 15,868 5,100
 Liquidating assets at estimated fair
 market value 11,214 22,954
 Income tax receivable -- 2,625
 Other assets 833 1,489
 Total assets $ 28,609 $ 35,378
 Liabilities and Redeemable
 Senior Preferred Stock:
 Accrued income and other taxes $ 2,850 $ --
 Payable to Collection Services
 Corporation 115 814
 Other liabilities and accrued expenses 3,168 3,327
 Total liabilities 6,133 4,141
 Redeemable Senior Preferred Stock,
 $10 par value, $100 liquidation
 preference per share, 0 and 85,297 shares
 issued and outstanding, respectively,
 plus accrued dividends -- 8,776
 Shareholders' Equity:
 Junior Preferred Stock, at estimated
 liquidation value and $.76 par value,
 respectively, 2,056,800 and 3,428,000
 shares issued and outstanding,
 respectively -- 2,605
 Common Stock, $.01 par value, 31,608,427
 and 28,866,027 shares issued and
 outstanding, respectively 316 289
 Additional paid-in capital 36,719 34,861
 Accumulated change in net assets (14,559) (15,294)
 Total shareholders' equity $ 22,476 $ 22,461
 Total Liabilities, Redeemable Senior
 Preferred Stock and Shareholders'
 Equity $ 28,609 $ 35,378
 GRANT STREET NATIONAL BANK
 (In Liquidation)
 STATEMENT OF LIQUIDATING ACTIVITIES
 For the Period Ending June 30, 1992
 (Dollar amounts in thousands)
 Three Six
 Months Months
 Ended Ended
 Liquidation activities:
 Net proceeds from collections on
 assets $ 2,731 $ 14,837
 Adjusted cost basis of loans
 collected and assets liquidated (1,879) (13,693)
 Collections in excess of adjusted
 cost basis 852 1,144
 Unrealized net gain on liquidating
 assets 2,296 1,953
 Direct expenses of loan and asset
 management and liquidations (131) (465)
 Collection Services Corporation
 management fees and expenses (379) (1,154)
 Net proceeds from liquidation
 activities 2,638 1,478
 Financing activities:
 Interest income earned on
 investments 145 232
 Administration and taxes:
 Administrative expenses (474) (964)
 Income and other tax
 (expense)/benefit (781) 65
 Increase in net assets for
 the period 1,528 811
 Senior preferred dividends -- (76)
 Increase in net assets for the
 period allocable to shareholders'
 equity 1,528 735
 Accumulated change in net assets
 - beginning of period (16,087) (15,294)
 Accumulated change in net assets
 - end of period $(14,559) $(14,559)
 -0- 7/30/92
 /CONTACT: Robert L. Logan of Grant Street National Bank, 412-391-3769/ CO: Grant Street National Bank ST: Pennsylvania IN: FIN SU: ERN


CD -- PG006 -- 5060 07/30/92 11:39 EDT
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Date:Jul 30, 1992
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