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SECOND NATIONAL SELLS 100 PERCENT AT BETHANY MARINA AUCTION

 SECOND NATIONAL SELLS 100 PERCENT AT BETHANY MARINA AUCTION
 SALISBURY, Md., Sept. 4 /PRNewswire/ -- Second National Federal Savings Bank reported a 100 percent sellout at the auction of 10 units in Bethany Marina, a waterfront resort property located in Ocean View, Del., on Sept. 3. Sale prices for the two-bedroom, luxury townhouses, with marina slips, ranged from $113,000 to $141,000. The bank took title to the property earlier this year through foreclosure.
 The sale of Bethany Marina reduces Second National's REO by over $1.2 million. As the bank reported in July, reduction of real estate owned properties (REO) and non-accrual loans are a priority. Sales of $33 million were recorded in the first half of the year.
 "We not only sold the entire property, but we were able to realize proceeds in excess of our book value. The bank plans to offer development rights for the remainder of the project including 23 units to be built, plus slips, in the near future," said Ned Walsh, marketing director of the Workout Department.
 Michael Fox Auctioneers, Inc., of Baltimore conducted the auction that drew over 200 people to Ocean View yesterday.
 Second National is a $1.6 billion financial institution with offices in Maryland, Virginia, Pennsylvania and the District of Columbia.
 -0- 9/4/92
 /CONTACT: Gayle Stark, vice president/marketing director, Second National, 410-266-9200, ext. 269, or 800-888-5100/
 (SNLB) CO: Second National Bancorporation; Second National Federal Savings
 Bank ST: Maryland IN: FIN SU:


KD -- DC032 -- 7041 09/04/92 15:53 EDT
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Publication:PR Newswire
Date:Sep 4, 1992
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