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BFS BANKORP ANNOUNCES MULTIFAMILY LOAN SECURITIZATION COMPLETION

 BFS BANKORP ANNOUNCES MULTIFAMILY LOAN SECURITIZATION COMPLETION
 NEW YORK, March 26 /PRNewswire/ -- BFS Bankorp, Inc. (NASDAQ: BFSI) today announced that the securitization of $61,988,376 of multifamily loans was successfully completed on Feb. 28, 1992.
 The $61,988,376 in mortgages were exchanged for $57,649,190 of senior mortgage-backed securities rated (AA) and $4,339,186 of junior mortgage-backed securities rated (BBB). The junior securities were immediately sold.
 James Randall, president and CEO, noted: "The securitization of these loans has dramatically improved the bank's risk-based capital position. As I reported earlier, based on the OTS preliminary examination findings and the $3 million addition to specific reserves which they indicated they would minimally require, Bankers Federal would no longer meet the current risk-based capital requirement.
 With the securitization of these loans, the bank increased its risk- based capital to 7.73 percent, which is above the current 7.2 percent requirement, even after the $3 million in additional specific reserves. More recently, however, the OTS examiners have indicated that they will be requiring yet a further addition to the general valuation allowance (GVA), which may again push Bankers Federal out of capital compliance."
 Randall also added: "For many months, the bank has been pursuing a number of strategies to improve its capital position. This loan securitization is the most significant sign of the progress we have made. We expect to continue to make such progress throughout the year."
 -0- 3/26/92
 /CONTACT: James A. Randall, president and CEO of BFS Bankorp, 212-227-4040/
 (BFSI) CO: BFS Bankorp Inc. ST: New York IN: FIN SU: FNC


TS-CK -- NY036 -- 1879 03/26/92 10:24 EST
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Publication:PR Newswire
Date:Mar 26, 1992
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