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BSD BANCORP RECEIVES REGULATORY APPROVAL ON MERGER OF SUBSIDIARY BANKS

 SAN DIEGO, Dec. 23 /PRNewswire/ -- BSD Bancorp Inc. (AMEX: BSD) announced that it has received FDIC and State Banking Department approval on the merger of its subsidiaries American Valley Bank and Coast Bank into The Bank of San Diego. BSD Bancorp intends to complete the merger by the end of the current year.
 James S. Brown, president and chief executive officer of BSD Bancorp, stated, "We are delighted to have the approval process behind us and are looking forward to completing the merger. At the same time, while we are pleased with the decision of the regulators, we recognize that not all of our problems are behind us. The Bank of San Diego continues to be subject to regulatory agreements, and, although the merger will generate operational efficiencies, the difficult economy in Southern California continues to impact our performance."
 Newly appointed president and chief executive officer of The Bank of San Diego, Frank J. Mercardante, said, "We are anxious to focus the full resources and services of our combined operations on our customers throughout the Southern California marketplace. Our staff has been waiting for this approval for some time and is ready and eager to move forward."
 BSD Bancorp is a diversified holding company that offers banking and trust services predominately in Southern California.
 -0- 12/23/92
 /CONTACT: James S. Brown, chairman and CEO of BSD Bancorp, 619-237-5364/
 (BSD)


CO: BSD Bancorp Inc.; American Valley Bank; Coast Bank;
 The Bank of San Diego ST: California IN: FIN SU: TNM


JL -- NYON1 -- 9406 12/23/92 07:30 EST
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Publication:PR Newswire
Date:Dec 23, 1992
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