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ATLANTIC FEDERAL SAVINGS BANK ACQUIRES ANNAPOLIS BRANCH OF AUGUSTA FEDERAL SAVINGS ASSOCIATION

 ATLANTIC FEDERAL SAVINGS BANK ACQUIRES ANNAPOLIS BRANCH
 OF AUGUSTA FEDERAL SAVINGS ASSOCIATION
 BALTIMORE, March 23 /PRNewswire/ -- Atlanfed Bancorp, Inc., (NASDAQ-NMS: AFED) and Atlantic Federal Savings Bank, its wholly owned subsidiary, announced that Atlantic Federal Savings Bank has acquired the Annapolis Branch of Augusta Federal Savings Association located at 217 Main Street, Annapolis, Md., from the Resolution Trust Corporation (RTC).
 Atlantic Federal Savings Bank will assume approximately $4.9 million in deposits.
 The office of the Annapolis Branch of Augusta Federal Savings Association has been retained by the Resolution Trust Corporation, and will no longer be open for business.
 Atlantic Federal will continue to provide service to customers of Augusta Federal's Annapolis Branch at either of the Bank's two Anne Arundel County, Md., locations. Atlantic Federal operates branches at 3005 Solomons Island Road, Edgewater, Md., and 3820 Mountain Road, Pasadena, Md.
 Acquisition of the Annapolis office allows Atlantic Federal the opportunity to expand their market in Anne Arundel County and provide banking services to a growing number of Marylanders.
 Atlantic Federal Savings Bank currently operates 11 branch offices throughout the state of Maryland. As of Dec. 31, 1991, Atlanfed Bancorp, Inc. has $258.5 million of assets, $169.9 million in deposits and $18.3 million of stockholders' equity. Atlantic Federal currently exceeds and as a result of this acquisition will continue to exceed all of the fully phased in capital requirements.
 -0- 3/23/92
 /CONTACT: Richard E. Funke, chairman of the board and president, or Michael P. Gavin, executive vice president, 301-938-8610, both of Atlanfed Bancorp., Inc./
 (AFED) CO: Atlanfed Bancorp, Inc.; Augusta Federal Savings Association ST: Maryland IN: FIN SU: TNM


DS -- DC005 -- 0414 03/23/92 09:03 EST
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Publication:PR Newswire
Date:Mar 23, 1992
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