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RS FINANCIAL CORP. RESTATES 1991'S THIRD QUARTER AND NINE MONTH RESULTS

RS FINANCIAL CORP. RESTATES 1991'S THIRD QUARTER AND NINE MONTH RESULTS
 RALEIGH, N.C., Nov. 27 /PRNewswire/ -- RS Financial Corp. (NASDAQ-NMS: RFBK) announced today it is restating its net income for the quarter and nine months ending Sept. 30, 1991. The restatement occurred due to the failure to record a remittance of principal and interest made on certain loans serviced by Raleigh Federal Savings Bank during the third quarter.
 Restated net income for the quarter ended Sept. 30, 1991 was $617,000, or $0.19 per share, instead of $885,000, or $0.28 per share, as was originally reported. For the nine months, restated net income was $2,197,000 or $0.69 per share, instead of $2,465,000, or $0.77 per share, as was previously reported.
 While the restatement reduced income from previously reported levels, earnings remained significantly higher than the comparable figures in 1990. Restated net income in 1991's third quarter of $617,000, or $0.19 per share, compared to a net loss of $457,000, or $0.14 per share in last year's third quarter. Restated nine month earnings of $2,197,000, or $0.69 per share, compares to $966,000, or $0.28 per share for the same period in 1990.
 The restatement of net income has not affected Raleigh Federal Savings Bank's ability to meet regulatory capital requirements. Raleigh Federal, RS Financial Corp.'s wholly owned subsidiary, is a full service financial institution with 34 locations throughout central and eastern North Carolina. RS Financial Corp.'s common stock is traded on the NASDAQ National Market System under the symbol RFBK.
 -0- 11/27/91
 /CONTACT: Stanley E. Wright, President and Chief Executive Officer, RS Financial Corp., 919-833-7511/
 (RFBK) CO: RS Financial Corp. ST: North Carolina IN: FIN SU: ERN


DF -- CH005 -- 7886 11/27/91 16:44 EST
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Publication:PR Newswire
Date:Nov 27, 1991
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