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BANCFLORIDA PAYS ALL DIVIDENDS IN ARREARS ON CONVERTIBLE PREFERRED STOCK

 NAPLES, Fla., May 12 /PRNewswire/ -- BancFlorida Financial Corporation (NYSE: BFL) (the "company"), whose primary subsidiary is BancFlorida, a Federal Savings Bank (the "bank"), today announced the payment of all cash dividends in arrears on the company's outstanding cumulative convertible preferred stock. The payment amounted to $4.1 million, which represents the total cumulative dividends on the preferred stock from January 1990 through March 1993.
 Under the terms of the preferred stock, cash dividends on this stock issue continue to accumulate at a specified rate until paid. No cash dividends can be paid on the company's common stock while any dividends on the preferred stock are in arrears. The company has not yet made a decision regarding the resumption of dividends on its outstanding common stock.
 At March 31, 1993 the bank's capital levels exceeded the ratios for well-capitalized institutions as specified under recently adopted federal banking regulations. The payment of the preferred dividends by the company did not affect the bank's capital ratios. Additionally, such payment did not affect the company's book value per common share.
 BancFlorida Financial Corporation had total assets of $1.5 billion and a book value per common share of $15.47 at March 31, 1993. The company had outstanding 3,537,265 shares of common stock and 1,138,000 shares of cumulative convertible preferred stock.
 -0- 5/12/93
 /CONTACT: J. Michael Holmes of BancFlorida Financial Corporation, 813-597-1611/
 (BFL)


CO: BancFlorida Financial Corporation ST: Florida IN: FIN SU: DIV

SS-JB -- FL003 -- 7383 05/12/93 08:47 EDT
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Publication:PR Newswire
Date:May 12, 1993
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