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CHATTAHOOCHEE BANCORP REPORTS THIRD-QUARTER EARNINGS; HIGHEST QUARTERLY AND YEAR-TO-DATE NET INCOME IN ORGANIZATION'S HISTORY

 ATLANTA, Oct. 14 /PRNewswire/ -- Chattahoochee Bancorp, Inc. (NASDAQ-NMS: CHBC) reported net income of $694,000 for the three months ended Sept. 30, an increase of 13 percent from net income of $613,000 from the previous quarter and a 38 percent increase from net income of $503,000 for the same period in 1992, according to Rodney Knowles III, chairman.
 Total income for the nine months ended Sept. 30 was $1,818,000, a 54 percent increase compared with the same period the previous year in which income totaled $1,181,000.
 "We are very pleased with our performance thus far in 1993. Our 1993 year-to-date income has already exceeded our total income for all of 1992," said Knowles.
 Earnings per share for the quarter ending Sept. 30 were $.18 on a fully diluted basis, up $.06 from the $.12 figure reported for the quarter in 1992. Earnings per share on a fully diluted basis for the nine months ended Sept. 30 were $.43, as compared to $.28 reported for the period in 1992.
 The company had total assets at Sept. 30 of $250,435,000, as compared with total assets of $250,032,000 a year earlier. Deposits at Sept. 30 totaled $215,943,000, a 4.7 percent increase from deposits of $206,152,000 at Sept. 30, 1992.
 At Sept. 30, the allowance for loan losses was $2,697,000, or 1.53 percent of total loans, compared with $2,490,000, or 1.49 percent of total loans at Sept. 30, 1992. Non-accrual loans and loans greater than 90 days past due totaled $1,293,000 or .74 percent of total loans, compared with $2,423,000, or 1.45 percent of total loans at Sept. 30, 1992. The reduction from $2,423,000 to $1,293,000 represents a 47 percent decrease within the previous twelve month period.
 The Chattahoochee Bancorp and Bank South Corporation (NASDAQ-NMS: BKSO) announced the execution of a definitive agreement to merge the two companies and approval of that agreement by their respective boards of directors on Sept. 20. Pursuant to the definitive agreement, Bank South will exchange $11.50 in Bank South stock for each share of Chattahoochee Bancorp, subject to some adjustments. The transaction is expected to be completed in the first quarter of 1994.
 The Chattahoochee Bank has six offices in the metropolitan Atlanta area. Bank South is a $4.6 billion asset multi-bank holding company with 131 offices throughout Georgia and Pensacola, Fla.
 -0- 10/14/93
 /CONTACT: Paul E. McLaughlin, executive vice president, Chattahoochee Bancorp, 404-952-7750/
 (CHBC BKSO)


CO: Chattahoochee Bancorp, Inc.; Bank South Corporation ST: Georgia IN: FIN SU: ERN

RA-CF -- AT011 -- 2444 10/14/93 16:51 EDT
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Publication:PR Newswire
Date:Oct 14, 1993
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