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BANCFLORIDA ANNOUNCES LOAN REDUCTION AGREEMENT

 BANCFLORIDA ANNOUNCES LOAN REDUCTION AGREEMENT
 NAPLES, Fla., July 13 /PRNewswire/ -- BancFlorida Financial


Corporation (NYSE: BFL) (the "company"), whose primary subsidiary is BancFlorida, a Federal Savings Bank (the "bank"), announced today the bank completed a transaction which has restructured the bank's loans to PGI, Incorporated (AMEX: PGA), a Florida real estate developer. The transaction has resulted in a reduction of the aggregate principal amount of PGI's principal indebtedness to the bank from $17.9 million to approximately $9.3 million through the sale by PGI to the bank of certain developed building lots and installment note receivables. As part of the transaction, the remaining loans of $9.3 million have been extended for a term of five years.
 Rudolf P. Guenzel, president and chief executive officer of BancFlorida stated, "This transaction significantly reduces the overall PGI loan relationship which the bank has had on its books for several years. At one time the total loans outstanding to PGI had reached the $40 million range."
 He further stated, "the purchase of the PGI assets gives the bank the ability to control their disposition and should open additional avenues to market the properties."
 No gain or loss was recognized by the bank as a result of the transaction, and the bank's net carrying value of the total of the remaining loans and assets purchased is unchanged. Additionally, the transaction did not affect the bank's capital position, which continues to be in compliance with all currently applicable regulatory requirements. PGI's loans with the bank have been classified in- substance foreclosure since September 1990.
 BancFlorida Financial Corporation had total assets of $1.4 billion and a book value per common share of $11.50 at March 31, 1992. The company has outstanding 3,533,765 shares of common stock and 1,138,000 shares of cumulative convertible preferred stock.
 -0- 7/13/92
 /CONTACT: J. Michael Holmes of BancFlorida, 813-597-1611/
 (BFL PGA) CO: BancFlorida Financial Corporation; PGI, Incorporated ST: Florida IN: FIN SU:


JB-AW -- FL003 -- 8516 07/13/92 09:42 EDT
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Publication:PR Newswire
Date:Jul 13, 1992
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