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INTEGRA ANNOUNCES ADOPTION OF NEW FASB RULES WHICH WILL ADD $60 MILLION TO FIRST QUARTER 1993 EARNINGS

 PITTSBURGH, Feb. 23 /PRNewswire/ -- Integra Financial Corporation (NYSE: ITG) today announced the adoption of two new Financial Accounting Standard Board (FASB) statements which will result in approximately a $60 million increase to first quarter 1993 earnings. The $60 million increase in net income equates to approximately $1.78 per share.
 The non-recurring addition to net income is the net result of adopting FASB Statement 109 "Accounting for Income Taxes" and FASB Statement 106 "Employers' Accounting for Postretirement Benefits Other than Pensions." The adoption of FASB Statement 109 results in the recognition of $65 million of deferred income tax benefits recorded principally as a result of Integra's recent merger with Equimark. The adoption of FASB Statement 106 results in a one-time after-tax charge to net income of $5 million for the cumulative effect of accruing the cost of postretirement benefits.
 Integra Financial Corporation, with assets of $13.5 billion, is the third largest bank holding company in western Pennsylvania and the fourth largest in Pennsylvania. Integra operates four banks, Integra Bank/North, Integra Bank/South, Integra Bank/Pittsburgh and Equibank, with more than 250 offices throughout 22 counties in western Pennsylvania. Other major affiliates include Integra Trust Company, Integra Investment Company and Integra Mortgage Company.
 -0- 2/23/93
 /CONTACT: William S. Eiler of Integra, 412-644-8073, or at home, 412-921-7620/
 (ITG)


CO: Integra Financial Corporation ST: Pennsylvania IN: FIN SU:

CD-JS -- PG015 -- 9547 02/23/93 15:52 EST
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Publication:PR Newswire
Date:Feb 23, 1993
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