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SECURITY CAPITAL BANCORP ANNOUNCES THIRD QUARTER RESULTS

 SECURITY CAPITAL BANCORP ANNOUNCES THIRD QUARTER RESULTS
 SALISBURY, N.C., Oct. 12 /PRNewswire/ -- Security Capital Bancorp (NASDAQ-NMS: SCBC), the resulting corporation of the June 30th merger of First Security Financial Corporation and Omni Capital Group, Inc., today announced financial results for its third quarter and the nine months ended Sept. 30, 1992.
 For the three months ended Sept. 30, 1992, net income increased 21 percent to $3,426,000, or $.29 per share, compared with net income of $2,838,000, or $.24 per share in the same period last year. For the nine months ended Sept. 30, 1992, net income decreased to $6,462,000, or $.55 per share, compared with net income of $8,302,000, or $.70 per share in the same period last year.
 David B. Jordan, Vice-Chairman and Chief Executive Officer of Security Capital, stated that "we are extremely pleased with the strength and quality of Security Capital's earnings for the first full quarter of combined operations. Our earnings improvement is a result of an increase in the net interest margin and a more historical loan loss provision." Jordan noted that the lower consolidated net income for the nine months is directly attributable to the special charges and provisions of $4.1 million recognized by First Security and OMNI immediately prior to the consummation of the merger. These charges consisted of $545,000 of merger-related expenses and $3.5 million of non-recurring restructuring charges.
 Asset quality remained high with total non-performing assets amounting to $3.8 million, or four-tenths of one percent (0.4 percent) of total assets, at Sept. 30, 1992.
 Security Capital Bancorp's operating subsidiaries exceed all risk- based capital ratios established by the various regulatory agencies. Based on proposed guidelines, this will allow them to be in the highest rated category of the FDIC's risk assessment system effective Jan. 1, 1993, and should entitle them to the lowest assessment rate.
 At Sept. 30, 1992, total assets were $916,274,000, net loans were $514,806,000, and deposit accounts were $772,918,000. Stockholders' equity was $114,357,000, or 12.5 percent of total assets, at Sept. 30, 1992. Book value per common share was $9.66 at Sept. 30, 1992.
 Security Capital operates 46 offices in 28 communities located in 11 counties in the south central and western Piedmont regions of North Carolina through its four operations: Security Bank and Trust Company and OMNIBANK, FSB of Salisbury, N.C.; Citizens Savings, FSB, Concord, N.C. and Home Federal Savings Bank, Kings Mountain, N.C. Security Capital Bancorp, through various subsidiaries, offers complete community banking services, including trust, insurance, securities brokerage, and consumer finance services.
 The common stock of Security Capital is listed on the National Market System of the NASDAQ under the symbol "SCBC."
 SECURITY CAPITAL BANCORP AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF INCOME
 (Unaudited)
 Three Months Nine Months
 Ended September 30, Ended September 30,
 1992 1991 1992 1991
 Total interest
 income $17,754,000 20,828,000 54,973,000 63,246,000
 Total interest
 expense 8,447,000 11,902,000 27,292,000 36,745,000
 Provision for
 loan losses 159,000 568,000 1,701,000 1,518,000
 Net interest income
 after provision
 for loan losses 9,148,000 8,358,000 25,980,000 24,983,000
 Other income 1,944,000 2,130,000 6,423,000 6,214,000
 Other expense 6,050,000 6,206,000 21,352,000 18,741,000
 Income before
 taxes 5,042,000 4,282,000 11,051,000 12,456,000
 Income taxes 1,616,000 1,444,000 4,589,000 4,154,000
 Net income 3,426,000 2,838,000 6,462,000 8,302,000
 Net income
 per share $.29 .24 .55 .70
 Average shares
 outstanding 11,834,435 11,817,422 11,831,237 11,821,807
 At September 30,
 1992 1991
 Total assets $916,274,000 937,222,000
 Loans, net 514,806,000 559,229,000
 Deposit accounts 772,918,000 788,888,000
 Total stockholders'
 equity 114,357,000 107,251,000
 -0- 10/12/92
 /CONTACT: David B. Jordan, Vice Chairman-CEO, Security Capital Bancorp, 704-637-6180/
 (SCBC) CO: Security Capital Bancorp ST: North Carolina IN: FIN SU: ERN


SB-CM -- CH002 -- 8866 10/12/92 13:20 EDT
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Date:Oct 12, 1992
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