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BMR FINANCIAL GROUP REPORTS RESULTS

 BMR FINANCIAL GROUP REPORTS RESULTS
 ATLANTA, Feb. 27 /PRNewswire/ -- BMR Financial Group, Inc.,


(NASDAQ: BMRG) today reported that it had taken financial restructuring charges of $6.0 million in the fourth quarter of 1991, and reported a net loss for the year of $6.516 million, or $2.26 per share, compared with a net loss of $977,000, or $.34 per share, for 1990.
 The restructuring charges related largely to the elimination of intangible assets from the company's balance sheet. The company's ratio of tangible equity to total tangible assets was 6.6 percent at Dec. 31, 1991, which is substantially in excess of minimum regulatory requirements. At Dec. 31, 1990, this ratio was 6.4 percent.
 Excluding the special charges, the company reported a net loss from its banking operations of $761,000, compared with net income from banking operations of $349,000 in the prior year. During 1991 the company provided $3.049 million for possible loan losses, compared with $1.895 million in 1990. The company's allowance for possible loan losses was $2.614 million, or 2.08 percent of total loans at Dec. 31, 1991, compared with $2.245 million, or 1.29 percent of total loans at the end of 1990. The company set aside $682,000 during 1991 as reserves for possible losses on the sales of other real estate. At Dec. 31, 1991, total non-performing assets were $6.374 million, down from $6.970 million at Sept. 30, 1991, and from $7.033 million at the end of 1990.
 During the fourth quarter, a net loss from banking operations of $92,000 resulted, compared to a loss of $194,000 in the fourth quarter of 1990. Provision for loan losses totaled $697,000 during the quarter, compared with $573,000 in the fourth quarter of 1990. The company set aside $180,000 for possible losses on real estate owned during the fourth quarter, compared with none in the same period a year earlier. Management anticipates the company will return to profitability in 1992, beginning in the first quarter. As a result of the financial restructuring charges, amortization expenses will be reduced by $480,000 per year beginning in 1992.
 A special committee of the company's outside directors continues to pursue the sale of the company's banking subsidiaries with interested parties. While the company cannot at this time predict either the results or the timing of these efforts, the company has taken special one-time charges of approximately $4.5 million in a financial restructuring to reduce the amount of intangible assets on its books related to its Georgia and Florida subsidiary banks.
 Separately, the company has entered into an agreement relating to the disposition of its Tennessee subsidiary bank, Meigs County Bank, to former shareholders of the Meigs bank in a transaction which is expected to be completed in the second quarter of 1992. In exchange for all of the shares of the Meigs bank, the company will receive from the former shareholders 354,537 shares of the company's common stock and from the Meigs bank a cash dividend in the amount of $1,204,000. In addition, the company has received from certain of the larger former shareholders of the Meigs bank releases of threatened claims against the company and will receive at the closing of the transaction additional releases of claims from other former shareholders. The company issued an aggregate of 354,537 shares of its common stock in connection with the acquisition of the Meigs bank on June 30, 1990, at which time the company's common stock was trading at a price of $6.50 per share.
 The company has recorded in the fourth quarter of 1991 an estimated loss of approximately $1.5 million on the disposition of the Meigs bank, which represents the difference between the value at which the Meigs bank is carried on the books of the company and the estimated value of the consideration to be received by the company for the Meigs bank plus estimated transaction expenses (valuing shares of company common stock at their Dec. 31, 1991 closing price of $2.50 per share). The actual amount of any loss will depend upon the market value of the shares of company common stock when the transaction is completed. Completion of the transaction is subject to receipt of the requisite approvals of banking regulatory authorities and the shareholders of the company, as well as the satisfaction of certain other conditions provided in the agreement.
 Total assets at year-end were $251 million, down from $301 million at Dec. 31, 1990, reflecting the anticipated sale of the Meigs County Bank. With the commitment to sell the Meigs bank, the assets and liabilities of the Meigs bank will not be consolidated with the company's.
 BMR FINANCIAL GROUP INC.
 Selected Consolidated Financial Data
 (In thousands, except per share amounts)
 3 mos. ended Dec. 31 1991 1990 Pct. chg.
 Income Statement Data:
 Continuing operations:
 Net int. inc. after provision
 for loan losses $ 2,227 $ 2,678 (16.84)
 Non-interest income 1,248 896 39.29
 Non-interest expense 9,381 3,290 185.14
 Provision (benefit) for income taxes (181) 111 (263.06)
 Income (loss) from cont. operations (5,725) 173 (3,409.25)
 Loss from discontinued operations,
 net of income taxes(b) --- (541) (100.00)
 Preferred stock dividends 121 121 0.00
 Net loss applicable to com. stock $ (5,846) $ (489) 1,095.50
 Per common share data:
 Average common shares outst. 2,887 2,876 0.38 pct.
 Income (loss) per common share:
 Continuing operations $(2.02) $ 0.02 ---(d)
 Discontinued operations --- (0.19) (100.00)
 Net loss per common share $(2.02) $(0.17) 1,088.04
 12 mos. ended Dec. 31(a) 1991 1990 Pct. chg.
 Income Statement Data:
 Continuing operations:
 Net int. inc. after provision
 for loan losses $ 8,889 $ 11,366 (21.79)
 Non-interest income 4,380 3,413 28.33
 Non-interest expense 19,552 13,375 46.18
 Provision (benefit) for income taxes (249) 574 (143.38)
 Income (loss) from cont. operations (6,034) 830 (826.99)
 Loss from discontinued operations,
 net of income taxes(b) --- (1,325) (100.00)
 Preferred stock dividends 482 482 0.00
 Net loss applicable to com. stock $ (6,516) $ (977) 566.94
 Per common share data:
 Average common shares outst. 2,888 2,858 1.05 pct.
 Income (loss) per common share:
 Continuing operations $(2.26) $ 0.12 (1,980.19)
 Discontinued operations --- (0.46) (100.00)
 Net loss per common share $(2.26) $(0.34) 563.60
 At end of period 12/31/91(c) 12/31/90 Pct. chg.
 Total assets $ 250,668 $ 300,881 (16.69)
 Total earning assets 218,054 262,407 (16.90)
 Loans, net of unearned income 125,658 173,869 (27.73)
 Allowance for loan losses (2,614) (2,245) 16.44
 Total deposits 220,027 261,501 (15.86)
 Other borrowings 7,806 8,493 (8.09)
 Preferred stock 5,000 5,000 0.00
 Common shareholders' equity 13,803 20,242 (31.81)
 Market capitalization 7,217 8,627 (16.34)
 Per common share data:
 Book value at end of period $ 4.78 $ 7.04 (32.10)
 Tangible book value at end of period 3.87 4.89 (20.86)
 Market value at end of period 2.50 3.00 (16.67)
 Ratios:
 At end of period:
 Common shareholders' equity
 to assets 5.51 pct. 6.73 pct.
 During the period 1991--12 mos. 1990--12 mos.
 Net loss applicable to common stock to:
 Average total assets (2.19) pct. (.33) pct.
 Average common shareholders' equity (32.65) (4.54)
 Average common shareholders' equity
 to average assets 6.71 7.25
 (a) The 1990 income statement has been restated to reflect the acquisition of Meigs County Bank, which was accounted for as a pooling of interests.
 (b) The company sold its consulting subsidiary at year end 1990; the financial performance of this subsidiary is included in income statement data as discontinued operations.
 (c) Subsequent to Dec. 31, 1991, the company entered into an agreement to sell the Meigs County Bank. The results of its operations are included in the income statement data for 1991. However, the balance sheet of the Meigs County Bank is not included in the consolidated balance sheet. The net proceeds estimated from the sale have been recorded as an investment in subsidiary and are included in other assets.
 (d) Ratio not meaningful.
 -0- 2/27/91
 /CONTACT: Douglas G. Greene, chief financial officer of BMR Financial Group, 404-938-7962/
 (BMRG) CO: BMR Financial Group, Inc. ST: Georgia IN: FIN SU: ERN


BR-BN -- AT003 -- 3131 02/27/92 09:34 EST
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Date:Feb 27, 1992
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