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AMERIBANC INVESTORS GROUP REPORTS OPENING OF THE WALDEN GOLF CLUB AND RECOGNITION OF $1 MILLION GAIN

AMERIBANC INVESTORS GROUP REPORTS OPENING OF THE WALDEN GOLF CLUB
 AND RECOGNITION OF $1 MILLION GAIN
 ANNANDALE, Va., June 9 /PRNewswire/ -- Ameribanc announced that Anne Arundel County's (Md.) newest private golf club opened on May 30. Located in the Crofton community, Walden Golf Club is the centerpiece of a 1,000 unit Planned Unit Development, a long time project of Ameribanc and its subsidiaries. Over 50 percent of the residential lots have been sold, with expectations that a significant percentage of the remaining lots will be sold during the next 12 months. "The golf course has been in the planning and development stage for some time, and it was with great satisfaction and excitement that our initial opening was so successful," stated David W. Campbell, president of Ameribanc Savings Bank, FSB.
 According to Campbell, "The Walden project has been a very profitable real estate endeavor for Ameribanc, and will continue to contribute to our future corporate goals." Ameribanc reported that the opening of the golf course would enable it to recognize into income approximately $1 million of deferred gains from the previous sales of lots at Walden.
 The golf course is a 6,500-yard, 18-hole, par-71 championship course, fashioned from the 415-acre family estate of Baltimore philanthropist Johns Hopkins. The course features a wooded setting and rolling terrain, crisscrossed by lakes and streams. Additionally, an 11,000-square foot clubhouse provides dining facilities, a private meeting room, locker rooms and a pro shop. The club, with current memberships approaching 200, is managed by George A. Jakovics, an experienced and well-respected golf professional. The official grand opening will be held in July.
 Ameribanc Investors Group (NASDAQ-NMS: AINVS) is the holding company for Ameribanc Savings Bank, a $1.2 billion bank headquartered in Annandale, operating 29 branch offices in Northern Virginia, Hampton Roads and Charlottesville.
 -0- 6/9/92
 /CONTACT: John J. Houseman, president, Ameribanc Investors Group, 703-658-2721, or David W. Campbell, president, Ameribanc Savings Bank, 703-658-1002/
 (AINVS) CO: Ameribanc Investors Group; Ameribanc Savings Bank, F.S.B. ST: Virginia, Maryland IN: FIN SU:


KD -- DC018 -- 8412 06/09/92 14:27 EDT
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Publication:PR Newswire
Date:Jun 9, 1992
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