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JOE L. WALLING, CHAIRMAN AND CEO OF SANTA MONICA BANK, REPORTS TO STOCKHOLDERS

 SANTA MONICA, Calif., May 28 /PRNewswire/ -- Joe L. Walling, chairman of the board and chief executive officer of Santa Monica Bank, reported the following to the stockholders:
 For the first quarter of 1993, Santa Monica Bank posted net income of $909,319, or $.13 per share. Our capital position continued to be in excess of all minimum FDIC requirements. Equity capital to assets (Tier I capital) increased since year-end to 9.31 percent, and total risk-based capital (Tier I plus Tier II capital) to assets rose to 13.31 percent.
 On April 27, 1993, at the request of the FDIC, the board of directors of the bank agreed to the issuance of an order requiring certain actions be taken to improve the performance of the bank. The order, which was issued by the FDIC, became effective on May 16, 1993.
 During the life of the order, the bank will maintain qualified management personnel, and the bank will not add any director or senior executive officer without notifying the FDIC and receiving no notice of disapproval; generally grant no additional credit to adversely classified borrowers; reduce construction loan concentration; file written progress reports with state and federal regulators; maintain a Tier I capital ratio of 7.5 percent; maintain adequate reserve for loan losses; maintain growth at less than 10 percent per year; pay no cash dividends without the FDIC and state consent; immediately eliminate certain problem loans; reduce remaining problem loans to specified levels; will not engage in real estate activities pursuant to California Financial Code Section 751.3 without the consent of the FDIC; and correct any violations of federal and state regulations.
 Over the past quarter, the board of directors and officers of Santa Monica Bank joined together to put into effect an action plan entitled "Operation Safe and Sound," which was explained in detail at the Annual Stockholders' Meeting on April 22, 1993. In the opinion of management, many of the items listed in the order have already been accomplished.
 We believe the terms and conditions of the order are consistent with good business practice and will further strengthen our bank. As we implement our plan for action in the months and years ahead, we will continue to place our emphasis on quality service to the Westside community.
 -0- 5/28/93
 /CONTACT: Aubrey L. Austin, president of Santa Monica Bank, 310-394-9611/


CO: Santa Monica Bank ST: California IN: FIN SU: ERN

BP-LS -- LA020 -- 3541 05/28/93 17:07 EDT
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Publication:PR Newswire
Date:May 28, 1993
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