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NAB ASSET CORPORATION ANNOUNCES 1991 RESULTS

 NAB ASSET CORPORATION ANNOUNCES 1991 RESULTS
 HOUSTON, March 30 /PRNewswire/ -- NAB Asset Corporation


(NASDAQ: NABC) today announced its results for the period from March 13, 1991, the date on which the company was organized, through Dec. 31, 1991.
 For the period from March 13, 1991, through Dec. 31, 1991, the company reported a net loss of $1,561,000 or $.37 per share. For such period, the company reported an operating loss of $736,000, which was partially offset by other income of $207,000. Other income consisted of income from interest-bearing accounts and government National Mortgage Association Whole Pool Loan obligations.
 The net loss for the period ended Dec. 31, 1991, was generally reflective of a $1,434,000 writedown of the company's assets, consisting primarily of real estate located in Houston. The results from operations also reflected only five and one-half months of actual operations commencing from July 17, 1991, the date on which the company acquired substantially all the assets of National Asset Bank (a bank in liquidation) and the company's stock was distributed by the bank to the prior holders of the bank's common stock as a final liquidating distribution.
 The company also announced that Joe F. Lynch, a director of the company, had resigned for personal reasons and that Andrew Golden, senior associate-investments office of Yale University, had been appointed to the board of directors.
 NAB Asset Corporation is a financial services corporation that is primarily engaged in acquiring and collecting performing and non- performing loans and in managing and selling developed and undeveloped real estate.
 -0- 3/30/92
 /CONTACT: Michael A. Hrebenar, president and chief executive officer of NAB Asset Corporation, 713-952-6800/
 (NABC) CO: NAB Asset Corporation ST: Texas IN: FIN SU: ERN


AH -- NY070 -- 2940 03/30/92 13:37 EST
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Date:Mar 30, 1992
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