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BSD BANCORP ISSUES RESTATED 1991 EARNINGS REPORT

 BSD BANCORP ISSUES RESTATED 1991 EARNINGS REPORT
 SAN DIEGO, Feb. 28 /PRNewswire/ -- BSD Bancorp Inc. (AMEX: BSD)


issued today a restated earnings report for 1991, disclosing an after- tax loss of $3.8 million for the year vs. a loss of $569,000 as originally reported.
 The restatement results primarily from the recording of additional loan and related losses following a recently completed regulatory examination conducted for the year ended Dec. 31, 1991. While assets were written off at each of BSD Bancorp's banking units, the majority were at Coast Bank.
 James S. Brown, BSD Bancorp chairman, commented on the need to restate: "Through our own internal audits, we had identified substantially the same loans as the regulatory agencies did and had set aside what we consider to be adequate loan loss reserves based on our assessment of the collectability of these loans. However, the current regulatory perspective produced a different conclusion on how they should be classified. Despite the regulatory opinion, we remain confident that many of the credits in question will be repaid." Brown added that any of these credits that are collected in 1992 or after will benefit earnings for the year in which they are repaid.
 Following this additional charge to net earnings, BSD Bancorp's year-end equity ratio is 5.6 percent vs. a regulatory minimum of 3.0 percent. In addition, the company's risk-based capital ratio of 7.9 percent compares to a current regulatory requirement of 7.25 percent.
 BSD Bancorp Inc. is a diversified holding company serving bank and trust markets predominately in Southern California.
 -0- 2/28/92
 /CONTACT: Marilyn Creson Jones of BSD Bancorp, 619-237-5366/
 (BSD) CO: BSD Bancorp Inc. ST: California IN: FIN SU: ERN


DM-JL -- SD001 -- 3558 02/28/92 07:32 EST
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Date:Feb 28, 1992
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