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GRANT STREET NATIONAL BANK (IN LIQUIDATION) REPORTS RESULTS

 PITTSBURGH, April 20 /PRNewswire/ -- Grant Street National Bank (in Liquidation) reported today that it had realized modest gains on asset liquidations during the three months ended March 31, 1993, and also recorded a small net unrealized gain.
 After expenses and taxes, net assets allocable to shareholders' equity rose $126,000 and were $22.3 million at the end of the quarter. Cash on hand was $24.6 million and assets remaining to be liquidated were valued at $3.0 million.
 An appeal is still pending in the Colorado litigation which produced a large judgment against Grant Street early in 1991. None of the other litigation in which the bank is involved has yet gone to trial.
 GRANT STREET NATIONAL BANK
 (in Liquidation)
 STATEMENT OF LIQUIDATING ACTIVITIES
 For the Period Ending March 31, 1993
 (Dollar amounts in thousands)
 (Unaudited)
 Liquidation activities:
 Net proceeds from collections on assets $ 1,627
 Adjusted cost basis of loans collected and assets
 liquidated (1,397)
 Collections in excess of adjusted cost basis 230
 Unrealized net gain on liquidating assets 874
 Direct expenses of loan and asset management and
 liquidations (658)
 Collection Services Corporation management fees
 and expenses (206)
 Net proceeds from liquidation activities 240
 Financing activities:
 Interest income earned on investments 216
 Administration and taxes:
 Administrative expenses (249)
 Income and other tax expense (81)
 Increase in net assets for the period allocable
 to shareholders' equity 126
 Accumulated change in net assets - beginning of period (14,846)
 Accumulated change in net assets - end of period $(14,720)
 GRANT STREET NATIONAL BANK
 (in Liquidation)
 STATEMENT OF ASSETS, LIABILITIES AND SHAREHOLDERS' EQUITY
 March 31, 1993 and December 31, 1992
 (Dollar amounts in thousands)
 3/31/93 12/31/92
 (Unaudited) (Audited)
 Assets:
 Cash $ 174 $ 703
 Short-term investments, at cost which
 approximates market value 24,519 23,283
 Liquidating assets at estimated fair
 market value 3,040 3,563
 Other assets 562 600
 Total assets $ 28,295 $ 28,149
 Liabilities:
 Accrued income and other taxes $ 2,782 $ 2,721
 Payable to Collection Services
 Corporation 109 97
 Other liabilities & accrued expenses 3,089 3,142
 Total liabilities 5,980 5,960
 Shareholders' Equity:
 Junior Preferred Stock, at estimated
 liquidation value, 2,056,800 shares
 issued and outstanding -- --
 Common Stock, $.01 par value, 31,608,427
 shares issued and outstanding 316 316
 Additional paid-in capital 36,719 36,719
 Accumulated change in net assets (14,720) (14,846)
 Total shareholders' equity 22,315 22,189
 Total Liabilities and Shareholders'
 Equity $ 28,295 $ 28,149
 -0- 4/20/93
 /CONTACT: Robert L. Logan of Grant Street National, 412-391-3769/


CO: Grant Street National Bank (in Liquidation) ST: Pennsylvania IN: FIN SU: ERN

DM -- PG021 -- 8011 04/20/93 11:27 EDT
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Publication:PR Newswire
Date:Apr 20, 1993
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