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BMR SPECIAL COMMITTEE REPORTS STATUS OF POTENTIAL SALES OF BANK SUBSIDIARIES

 BMR SPECIAL COMMITTEE REPORTS STATUS
 OF POTENTIAL SALES OF BANK SUBSIDIARIES
 ATLANTA, Jan. 2 /PRNewswire/ -- BMR Financial Group, Inc. (NASDAQ: BMRG) announced today that, consistent with its press release at the end of the third quarter, a special committee of the board had proceeded, through its financial adviser, Alex. Brown & Sons Incorporated, to solicit preliminary indications of interest in connection with its Georgia and Florida banking subsidiaries to determine whether sales at this time would be in the best interests of the company and its shareholders.
 Interested parties were requested to indicate minimum purchase prices subject to further due diligence. Peter Maher, chairman of the special committee, indicated that, based upon the indications of interest that had been received, the anticipated sale prices for the Georgia and Florida banks would be inadequate, but that the matter was still under consideration by the special committee prior to its making any recommendation to the board of directors as to an appropriate course of action.
 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.
 -0- 1/2/92
 /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


BR-CF -- AT009 -- 6293 01/02/92 16:54 EST
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Publication:PR Newswire
Date:Jan 2, 1992
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