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PIONEER BANCORP, INC. ANNOUNCES THIRD QUARTER RESULTS

 ROCKY MOUNT, N.C., July 30 /PRNewswire/ -- Pioneer Bancorp, Inc. (NASDAQ: PSBN), headquartered in Rocky Mount, N.C., reports net income for the quarter ended June 30, 1993, of $778,550, compared to a net loss of $2,429,691 for the quarter ended June 30, 1992. Summary results for the quarter and nine months ended June 30, 1993, are presented below. Total assets of the corporation were $309 million at June 30, 1993, compared to $398 million at June 30, 1992.
 Commenting on the results for the quarter, Pioneer President Ed Roughton stated: "Earnings for the quarter ended June 30, 1993, were bolstered by a gain of almost $1 million recorded on the sale of loan servicing rights. This gain was offset somewhat by nonrecurring professional fees associated with our recapitalization/merger efforts and higher than expected examination fees, resulting in approximate break-even core earnings for the quarter." Because of the improved financial condition and operating results for the quarter, the bank's regulatory tangible and core capital ratios improved from 2.17 percent to 2.57 percent.
 "The bank also continued its progress in reducing classified assets during the period," added Roughton. At June 30, 1993, net classified assets were $35.2 million, compared to $54.2 million at June 30, 1992, or a reduction of 35 percent. At June 30, 1993, Pioneer had $5.7 million in unallocated general valuation allowances to cushion the impact of unforeseen losses in the future.
 As previously announced in June 1993, the company has entered into a definitive agreement whereby all of the company's outstanding shares of common stock would be acquired by First Citizens Bancshares (NYSE: FCNCA). Subject to the receipt of all regulatory approvals and the approval of the company's stockholders, management currently anticipates that the merger will be completed in September 1993.
 Separately, the bank has recently entered into a letter of intent whereby five mortgage loan production offices would be acquired by First of America Bank Corporation (NYSE: FOA). The bank estimates that the proposed transaction will result in net gains on sale of approximately $200,000 and that the transaction is expected to be completed by mid-August.
 Pioneer Savings Bank currently serves its customers through 19 retail banking offices and eight mortgage loan production offices throughout eastern North Carolina. Customer deposits in the bank are fully insured by the Federal Deposit Insurance Corporation up to the applicable limits.
 PIONEER BANCORP, INC.
 SUMMARY OPERATING RESULTS
 Three Months Ended Nine Months Ended
 June 30, June 30,
 1993 1992 1993 1992
 Net Income (Loss) $778,550 $(2,429,691) $(1,311,394) $1,286,084
 Net Income (Loss)
 Per Share $ .44 $ (1.38) $ (.74) $ .74
 Weighted Average
 Shares
 Outstanding 1,764,447 1,754,697 1,762,806 1,746,637
 -0- 7/30/93
 /CONTACT: Ed Roughton, President, or Mike Weisman, SVP, Pioneer Bancorp, 919-446-0611/
 (PSBN FCNCA FOA)


CO: Pioneer Bancorp, Inc.; First America Bank Corporation; First
 Citizens Bancshares ST: North Carolina IN: FIN SU: ERN


MM-SB -- CH010 -- 7907 07/30/93 16:24 EDT
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Publication:PR Newswire
Date:Jul 30, 1993
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