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CHARTER BANCSHARES REPORTS 1991 THIRD QUARTER EARNINGS OF $1,112,000; DECLARES $400,000 DIVIDEND

CHARTER BANCSHARES REPORTS 1991 THIRD QUARTER EARNINGS OF $1,112,000;
                    DECLARES $400,000 DIVIDEND
    HOUSTON, Nov. 5 /PRNewswire/ -- Charter Bancshares, Inc. (NASDAQ: SAIL), today announced earnings for the quarter ended Sept. 30, 1991 of $1,112,000, a 118 percent increase over Charter's year earlier third quarter earnings of $510,000.  Jerry Finger, chairman of Charter Bancshares, cited an improved net interest margin as the most significant factor in Charter's improved performance.  For the nine months ended Sept. 30, 1991, Charter has earned $3,042,000, a 45 percent increase over Charter's year earlier nine-month earnings of $2,101,000.
    Charter also announced that the board of directors of Charter has declared a $400,000 cash dividend payable Nov. 1, 1991, with $28,400 of the dividend being paid to holders of Charter's initial series preferred stock issued in 1978 and $371,600 being paid on Charter's Series B preferred stock issued in 1986.  Finger noted that this dividend underscores management's intent to combine Charter's improving performance with a comprehensive effort to increase shareholder value over the long term.
    Charter Bancshares, Inc., is a multibank holding company with two member banks and nine locations in and around Houston, having aggregate total assets of approximately $550 million as of Sept. 30, 1991.
       Financial Highlights for the Quarter Ended Sept. 30, 1991
      Three months ended Sept. 30       1991                1990
    Net income                    $  1,112,000        $    510,000
    Loan loss provision           $    580,000        $    156,000
    Average shares outstanding       4,571,401           4,473,060
    Total assets                  $548,000,000        $555,600,000
                         CHARTER BANCSHARES, INC.
              (Amounts in thousands, except per share amounts)
      Nine months ended Sept. 30            1991          1990
    Net income                            $3,042        $2,101
    Net income per share (A)              $ 0.21        $ 0.02
    Adjusted net income per share (B)     $ 0.59        $ 0.39
    Loan loss provision                   $1,372        $  277
    Average shares outstanding (C)     4,571,372     4,262,214
    Total assets                        $548,031      $555,608
      Quarter ended Sept. 30                1991          1990
    Net income                            $1,112        $  510
    Net income per share (A)              $(0.21)       $(0.34)
    Adjusted net income per share (B)     $ 0.23        $ 0.10
    Loan loss provision                   $  580        $  156
    Average shares outstanding (C)     4,571,401     4,473,060
    Total assets                        $548,031      $555,608
    (A) -- Reflects deduction of preferred stock dividend arrearages of $2,069,000 and $2,029,000 at Sept. 30, 1991 and 1990, respectively.
    (B) -- Adjusted earnings per share is based on net earnings less current period preferred dividends, but before prior periods accumulated and unpaid dividends and interest on preferred stock.
    (C) -- Primary and fully diluted shares are the same as of Sept. 30, 1991 and 1990.
    -0-                      11/5/91
    /CONTACT:  Jonathan S. Finger, vice president of Charter Bancshares, 713-552-8404/
    (SAIL) CO:  Charter Bancshares, Inc. ST:  Texas IN:  FIN SU:  ERN DIV GK -- NY054 -- 1276 11/05/91 13:17 EST
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Date:Nov 5, 1991
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