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BURRITT INTERFINANCIAL CEO RESPONDS TO STOCK PRICE INCREASE

      BURRITT INTERFINANCIAL CEO RESPONDS TO STOCK PRICE INCREASE
    NEW BRITAIN, Conn., March 6 /PRNewswire/ -- John C. Jaynes, chief executive officer of Burritt InterFinancial Bancorporation (NASDAQ: BANQ), today responded to inquiries concerning the recent increase in the price of Burritt's stock by saying that the management of the bank is not aware of any developments which would explain the increase.  The closing price of the bank's stock as of Tuesday, March 3, 1992, was $3-1/8, as reported in the Wall Street Journal, Eastern Edition.  The stock was at $1-7/8 as of the close of trading on Jan. 31, 1992.
    As previously reported, Jaynes stated that the bank has recorded substantial losses in recent periods, which have resulted in a capital ratio that is below regulatory requirements.  He noted that the bank currently is discussing its capital level, as well as certain other aspects of its business, with banking regulators.  The preservation of shareholder interests in Burritt will depend on its ability to substantially increase its capital base.
    Jaynes also stated:  "We are continuing to address the problems of the bank and are exploring a range of possibilities, including downsizing, merger, and recapitalization.  However, how these efforts will turn out remains in doubt.
    "Although we are actively exploring a merger or other business combination with another financial institution, there currently are no firm prospects for such a transaction.  Even if the bank were to be successful in negotiating a merger or other business combination, there could be a substantial adverse effect on shareholder interests. Moreover, it is typical that shareholder interests are not preserved in a federally assisted transaction.  The management of the bank is dedicated to accomplishing the best results for our shareholders, employees, and community.  However, at the present time, we can give no assurance of our ability to achieve any specific result."
    -0-                        3/6/92
    /CONTACT:  John C. Jaynes, president and chief executive officer of Burritt InterFinancial, 203-225-7601/
    (BANQ) CO:  Burritt InterFinancial Bancorporation ST:  Connecticut IN:  FIN SU: AH-KD -- NY056 -- 6033 03/06/92 17:06 EST
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Publication:PR Newswire
Date:Mar 6, 1992
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