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BANK SOUTH REINSTATES DIVIDEND

 ATLANTA, Feb. 18 /PRNewswire/ -- The board of directors of Bank South Corporation (NASDAQ: BKSO) voted today to reinstate a dividend on the company's common stock.
 A dividend of 4 cents per share was declared payable April 1 to shareholders of record on March 15.
 "The reinstatement of our dividend is another indication of the strength of our recovery, and it is a tribute to our employees, who are working extremely hard to rebuild this company," said Patrick L. Flinn, chairman and chief executive officer.
 "Our core earnings power is increasing as problem assets decline, the economy improves and business development efforts take hold," Flinn said. "Since reporting a loss in 1991, we have achieved 4 consecutive quarters of increasing profitability. This turnaround resulted in 1992 net income of $28.3 million, or 74 cents per share. Our return to profitable operations and our historically high level of capital has allowed us to resume the dividend."
 Bank South's dividend was suspended in July of 1991 to conserve capital in view of performance problems related to asset quality. Since that time, Bank South has continued to strengthen its balance sheet.
 During 1992, shareholders' equity increased by $87.8 million, to $325.5 million. Equity represented 7.29 percent of total assets at year-end, compared to 5.35 percent at the end of 1991. Capital is well in excess of all regulatory requirements. The tier one and total risk- based capital ratios were 9.84 percent and 12.63 percent, respectively, and the leverage ratio was 6.73 percent at Dec. 31, 1992.
 Also during 1992, the company reduced non-performing assets by 50 percent, from $215.6 million to $107.4 million. The allowance for loan losses was $75.1 million on Dec. 31, 1992, representing 109 percent of non-performing loans and 2.82 percent of total loans outstanding.
 In addition to improving asset quality, boosting capital and returning to profitability, Bank South's major accomplishments during 1992 included a "Trade in Your Bank" marketing campaign that led to new banking relationships with over 49,000 consumer households. Marketing programs continue to emphasize the bank's unique delivery system which results in convenience for customers, and its status as the only remaining Atlanta-based regional bank. Recently, Bank South initiated an innovative new service whereby customers can actually apply for loans and obtain access to other banking services by telephone. The Bank South teleservices line is 404-452-2006 in Atlanta, or 800-841-5742.
 Bank South Corporation is a $4.5 billion, multi-bank holding company with 133 banking offices throughout Georgia and northwest Florida.
 -0- 2/18/93
 /CONTACT: Media: Bo Spalding, 404-529-4238; Analysts: Brent Lee, 404-529-4529, both of Bank South Corporation/
 (BKSO)


CO: Bank South Corporation ST: Georgia IN: FIN SU: DIV

RA-BR -- AT018 -- 8005 02/18/93 15:00 EST
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Publication:PR Newswire
Date:Feb 18, 1993
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