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CHARTER BANCSHARES ANNOUNCES RESTATED EARNINGS PER SHARE

 CHARTER BANCSHARES ANNOUNCES RESTATED EARNINGS PER SHARE
 HOUSTON, Jan. 17 /PRNewswire/ -- Charter Bancshares, Inc. (NASDAQ: SAIL) announced that it has restated its earnings per common share to more fully conform with generally accepted accounting principles and industry financial reporting standards. In addition, Charter has elected to adopt FAS No. 96 as its method for income tax accounting.
 Charter Chairman Jerry E. Finger noted that Charter's operating results were not restated in any way, and that only the method of calculating earnings per share and the adoption of FAS No. 96 were involved in the restatement. Finger added that the purpose of the restatement is to more accurately reflect the fundamental earning power of the company and its common stock.
 CHARTER BANCSHARES, INC.
 Historical Financial Results (as restated)
 Fiscal Years Ended Dec. 31, 1987 1988 1989 1990
 Net interest income ($000's) $ 10,652 $ 13,783 $ 15,239 $ 18,576
 Net earnings ($000's) (6,452) (1,125) 2,442 2,804
 Earnings per share (A) ($2.36) ($0.49) $0.42 $0.49
 Total assets ($000) $492,975 $505,373 $534,109 $581,113
 Non performing assets $ 32,390 $ 30,019 $ 21,688 $ 15,432
 Return on average assets (percent) -1.53 -0.23 0.49 0.51
 Return on average equity (percent) -27.89 -4.63 9.62 10.34
 Nine Months Ended Sept. 30; 1990 1991
 Net interest income (000's) $ 13,417 $ 15,662
 Net earnings ($000's) 2,101 3,042
 Earnings per share(A) $0.39 $0.59
 Total assets ($000) $538,318 $538,500
 Non performing assets $ 16,352 $ 11,970
 Return on average assets (percent) 0.52(B) 0.73(B)
 Return on average equity (percent) 10.30(B) 12.52(B)
 (A) -- As restated
 (B) -- Annualized
 Charter noted that the restatement will be reflected in the company's 1991 annual report and SEC filings. Copies of the company's annual report or SEC filings are available through its shareholder relations department, Attn: Holly Juneau, P.O. Box 4525, Houston, Texas 77210-4525, 713-692-6121, ext. 207.
 -0- 1/17/92
 /CONTACT: Mark T. Giles, president of Charter Bancshares, 713-692-6121/
 (SAIL) CO: Charter Bancshares, Inc. ST: Texas IN: FIN SU: ERN


JT -- NY025 -- 0953 01/17/92 11:31 EST
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Date:Jan 17, 1992
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