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PIONEER BANCORP REPORTS THIRD QUARTER RESULTS

 FULLERTON, Calif., Oct. 29 /PRNewswire/ -- Pioneer Bancorp, the holding company for Pioneer Bank, reported third quarter financial results.
 At Sept. 30, 1993, the company had total assets of $165 million, a 17 percent decrease from $199 million at Dec. 31, 1992; total deposits of $152 million, an 18 percent decrease from $185 million at Dec. 31, 1992; and total equity capital of $9 million.
 The equity capital provided the company with Tier 1 Capital of 6.9 percent and Total Risk-Based Capital of 8.2 percent of risk-weighted assets. Leverage capital was 5.2 percent of total assets. These capital ratios enabled the company to maintain its classification as an adequately capitalized institution.
 The company reported a $1.7 million net loss for the third quarter and a $4.2 million loss the first nine months of 1993. The comparable net losses were $1.8 million and $1.1 million, respectively, in 1992. The net loss for the third quarter was largely attributable to the effect of combined provisions of $1.25 million for loan and OREO losses. Other factors contributing to the loss include lost income from non- performing assets, high legal and other professional fees, the carrying costs for OREO, and the payroll costs associated with managing non- performing assets. The loss provisions and the associated costs were caused, in great part, by the continuation of the worst Southern California economy in memory.
 Although the company's capital ratios at Sept. 30, 1993, exceeded the minimum statutory requirements for classification as an adequately capitalized institution, the board of directors of the company has initiated plans to augment capital. Subject to appropriate regulatory approvals, the capital plan will include a rights offering to shareholders of record as of Nov. 1, 1993. Details of the proposed capital plan and rights offering will be disclosed upon receipt of regulatory approval.
 -0- 10/29/93
 /CONTACT: Thomas R. Timmons, president & CEO of Pioneer, 714-773-0600/


CO: Pioneer Bancorp; Pioneer Bank ST: California IN: FIN SU: ERN

JL-LS -- LA036 -- 8748 10/29/93 17:59 EDT
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Publication:PR Newswire
Date:Oct 29, 1993
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