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BALTIMORE BANCORP DENIES REPORTS IN BALTIMORE BUSINESS JOURNAL THAT IT IS CONSIDERING A MASSIVE RESTRUCTURING, MERGER, OR LIQUIDATION

 BALTIMORE BANCORP DENIES REPORTS IN BALTIMORE BUSINESS JOURNAL THAT
 IT IS CONSIDERING A MASSIVE RESTRUCTURING, MERGER, OR LIQUIDATION
 BALTIMORE, April 10 /PRNewswire/ -- Edwin F. Hale Sr., chairman of the board, and Charles H. Whittum Jr., chief executive officer of Baltimore Bancorp (NYSE: BBB), denied reports published in the Baltimore Business Journal this morning which suggested that the company was "considering a massive reorganization that could include selling, liquidating or merging the institution."
 Hale emphasized, "We have just reported the best quarterly earnings results in three years and are projecting continued profitability through the end of 1992. As we have publicly stated to the Baltimore Society of Security Analysts in February this year, we are working on a capital plan which we anticipate will include raising equity capital as part of our program to bring the company back to required capital levels. We are already making great progress. Our capital ratios improved in the first quarter and our business plan shows further improvement for the balance of the year."
 As announced on April 8, 1992, Baltimore Bancorp reported profits of $5.1 million, or $.40 per share, for the quarter just completed. Nonperforming assets were basically unchanged and the company's net yield on earning assets rose to 2.86 percent, back to the level where it was four years ago. Baltimore Bancorp's stockholders' equity increased to $112.3 million or $8.82 per share.
 Hale added, "It is unfortunate that most of this inaccurate or misleading publicity seems to have originated following the recent resignations of three directors of the company. These resignations had been unanimously requested by the board which is composed of 11 outside and just two management directors."
 Hale concluded, "We are committed to making Baltimore Bancorp a more profitable and successful company. The board is extremely pleased that we were able to attract two additional experienced and highly qualified candidates in Conrad H. C. Everhard and Jay H. Gouline as new members (they have been elected to the board subject to regulatory clearance).
 Baltimore Bancorp is a $3.1 billion Baltimore-based bank holding company. Its principal subsidiary, the Bank of Baltimore, founded in 1818, operates 51 branches within the Baltimore-Washington Common Market.
 -0- 4/10/92
 /CONTACT: David L. Spilman, treasurer of Baltimore Bancorp, 410-576-4490 or 800-722-8823; or Daniel H. Burch of Mackenzie Partners, 212-929-5748, for Baltimore Bancorp/
 (BBB) CO: Baltimore Bancorp ST: Maryland IN: FIN SU:


GK-AH -- NY060 -- 7411 04/10/92 17:29 EDT
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Publication:PR Newswire
Date:Apr 10, 1992
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