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BURRITT INTERFINANCIAL BANCORP REPORTS FOURTH-QUARTER RESULTS

 BURRITT INTERFINANCIAL BANCORP REPORTS FOURTH-QUARTER RESULTS
 NEW BRITAIN, Conn., Jan. 29 /PRNewswire/ -- Burritt InterFinancial Bancorporation (NASDAQ-NMS: BANQ) today reported a loss of $248,000 ($.07 per share) for the fourth quarter ended Dec. 31, 1991. For the fourth quarter of 1990, the company lost $10,204,000 ($3.03 per share). For the year 1991, the company lost $22.4 million, versus a loss of $11.9 million in 1990.
 During the fourth quarter, the company provided $1.5 million for possible loan losses, compared to $13.5 million for the same period a year ago. For the year, the provision for possible loan losses totaled $25.6 million, compared to $21.1 million in 1990. Net charge-offs for the quarter amounted to $2.1 million. Total net charge-offs for the year were $24.4 million versus $13.5 million for 1990. The reserve for possible loan losses increased to $14.7 million at year-end 1991, up from $13.5 million at the end of 1990. The ratio of reserves for possible loan losses to total loans now stands at 2.95 percent versus 2.34 percent at year-end 1990, and the ratio of reserves to nonperforming assets at year-end was 26.4 percent, compared to 19.6 percent a year ago.
 At year-end, nonperforming assets, including $21.4 million in nonperforming loans, stood at $55.7 million, or 9.3 percent of total assets, compared to $58.3 million last quarter. After giving effect to net charge-offs of $2.1 million in the fourth quarter, the ratio of nonperforming loans to assets dropped to 3.6 percent from 4 percent on Sept. 30.
 According to John C. Jaynes, Burritt's chief executive officer: "For the last year and a half, our officers and staff have worked very hard towards Burritt's recovery. Banks like ours, with strong commitments to commercial real estate lending, have encountered some very tough challenges in recent years. While we don't think all of our problems are solved, we are pleased with the improvement in financial results we have seen in the last few months.
 "Burritt's capital ratio of 2.57 percent at year-end, though slightly improved from the 2.5 percent ratio reported on Sept. 30, remains below regulatory requirements. Accordingly, actions being considered to address our capital shortage, which can likely not be corrected solely by improvement of earnings, include merger, downsizing and recapitalization. Merger or recapitalization would be likely to significantly dilute the interests of present shareholders. There can be no assurance that these efforts will be successful, but the full energies of the bank's management are being directed towards these goals."
 Burritt Bank currently serves central Connecticut with 13 offices in New Britain and in suburban Hartford communities.
 BURRITT INTERFINANCIAL BANCORPORATION
 Comparative Highlights
 Periods ended Three Months Year
 Dec. 31 1991 1990 1991 1990
 Net income $(248,000) $(10,204,000) $(22,384,000) $(11,871,000)
 Earnings per
 share $(0.07) $(3.03) $(6.65) $(3.52)
 Total assets $600,237,000 $679,763,000
 Total loans 498,355,000 576,898,000
 Total deposits 563,623,000 611,622,000
 -0- 1/29/92
 /CONTACT: Barbara J. Bennett, senior vice president and chief financial officer of Burritt InterFinancial, 203-225-7601, or before or after hours, 203-225-7606/
 (BANQ) CO: Burritt InterFinancial Bancorporation ST: Connecticut IN: FIN SU: ERN


GK-SH -- NY006 -- 4584 01/29/92 09:11 EST
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Date:Jan 29, 1992
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