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BMR BOARD APPROVES SPECIAL COMMITTEE RECOMMENDATION TO PURSUE SALE OF BANK SUBSIDIARIES

 BMR BOARD APPROVES SPECIAL COMMITTEE RECOMMENDATION
 TO PURSUE SALE OF BANK SUBSIDIARIES
 ATLANTA, Jan. 14 /PRNewswire/ -- BMR Financial Group, Inc. (NASDAQ: BMRG) announced today that a special committee of the board has recommended to the board, and that the board had approved, continuation of efforts to solicit from interested bidders offers to purchase some or all of the company's Georgia and Florida banking subsidiaries.
 Although the initial indications of interest at minimum prices suggested inadequate purchase prices, the special committee is seeking to determine whether bidders are interested in continuing the process at higher indicated prices. The company is not able at this time to predict either the results or the timing of these efforts by the special committee.
 Separately, negotiations are continuing with the former shareholders of the company's Meigs County Bank subsidiary in Tennessee with respect to a proposed transaction that would return Meigs County Bank to its former owners in exchange for BMR shares.
 The company also announced the election of Richard W. Smith to serve as a director of the company. Smith is a general partner of Lawrence, Tyrrell, Ortale & Smith, a New York-based investment partnership and the company's largest stockholder not represented on the board, holding approximately 8.4 percent of the outstanding shares. Smith's appointment will become effective 30 days after BMR files notice of his appointment with the Federal Reserve.
 Finally, the company announced delay of its 1992 annual meeting of shareholders to late May 1992. The annual meeting is normally held on the third Wednesday in April. Given the significant developments that may occur during the next few months which may require shareholder approval, the meeting is being delayed to avoid the expense of a second shareholders' meeting in 1992, if possible.
 -0- 1/14/91
 /CONTACT: Douglas G. Greene, chief financial officer of BMR Financial, 404-938-7962/
 (BMRG) CO: BMR Financial Group, Inc. ST: Georgia IN: FIN SU: TNM PER


BR-BN -- AT007 -- 9550 01/14/92 12:19 EST
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Publication:PR Newswire
Date:Jan 14, 1992
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