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 SANFORD, N.C., Oct. 14 /PRNewswire/ -- A. Harold Ausley, President and Chief Executive Officer of Allied Bank Capital, Inc. (NASDAQ-NMS: ABCI), the parent company for Summit Savings Bank, SSB, reported net income of $353,708 or $.43 per share for the third quarter of 1993, compared to $335,742 for the third quarter of 1992. Per share earnings are not comparable as Summit was not a stockholder owned company for the entire third quarter of 1992. Net income for the nine months ending Sept. 30, 1993 was $1,349,673 or $1.65 per share compared to $891,843 in 1992. Net income for the nine month period in 1993 included $250,000 ($.30 per share) from an accounting adjustment relating to a required change in the method of accounting for income taxes and also an after tax credit of $55,751 ($.07 per share) due to a deposit refund from the Financial Institutions Assurance Corporation, the bank's insurer during the period 1978 to 1985.
 Loans outstanding grew from $105.4 million a year ago to $120.8 million representing a 14.6 percent increase. Outstanding loans grew $4.4 million or 3.8 percent during the third quarter. Deposits were down slightly for the quarter and up slightly from a year ago.
 On June 4, 1993, the Boards of Directors of Allied Bank Capital, Inc., Sanford, N.C., and Peoples Savings Bank, SSB, Wilmington, N.C. announced they had signed a letter of intent whereby Peoples Savings Bank will convert from a mutual form of ownership to stock-ownership and simultaneously become a wholly owned subsidiary of Allied Bank Capital, Inc. Ausley stated: "We are very excited about this relationship as well as the challenges, opportunities and positive impact that we believe it will bring to our company." The transaction requires Peoples Savings Bank depositors' and regulators' approvals and is expected to be consummated in early 1994. At June 30, 1993 Peoples Savings Bank, had total assets of $101.1 million, total deposits of $88.4 million and retained earnings of $7.0 million.
 Allied had assets of $147.7 million at Sept. 30, 1993, and Summit Savings Bank, its subsidiary, has served Sanford and surrounding communities for 76 years.
 -0- 10/14/93
 /CONTACT: Del F. Jones, Senior Vice President, Allied Bank Capital, Inc., 919-775-7161/

CO: Allied Bank Capital, Inc.; Summit Savings Bank, SSB ST: North Carolina IN: FIN SU: ERN

DF -- CH016 -- 2487 10/14/93 17:55 EDT
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Publication:PR Newswire
Date:Oct 14, 1993

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