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CK FEDERAL SAVINGS BANK REPORTS EARNINGS

 CK FEDERAL SAVINGS BANK REPORTS EARNINGS
 CONCORD, N.C., July 15 /PRNewswire/ -- CK Federal Savings Bank


(NASDAQ-NMS: CKSB) today reported net income of $733,806 or $.54 per share for the quarter ended June 30, 1992, the third quarter of fiscal 1992. For the same period in 1991, earnings were $827,592 or $.61 per share including a one-time gain of approximately $131,000 from an insurance refund. For the nine months ended June 30, 1992, net income was $2,007,264 or $1.49 per share compared with $1,868,725 or $1.39 per share reported in 1991.
 PERFORMANCE HIGHLIGHTS
 (Unaudited)
 June 30, June 30,
 1992 1991
 Nine-Month Earnings $2,007,264 $1,868,725
 Quarterly Earnings $733,806 $827,592
 Assets $430 million $420 million
 Deposits $388 million $377 million
 Capital Ratio 8.1pct. 7.8pct.
 Tangible Equity (per share) $23.69 $21.91
 Gabe S. Stewart, Chairman, President and CEO of the bank stated that he was pleased with several areas of the bank's performance. Non- performing assets declined to 1.8 percent of total assets as of June 30, 1992. In addition, even though earnings for the quarter were down somewhat from the previous year, earnings before taxes actually increased slightly. Finally, the continuing effort to control costs is showing results in that non-interest expenses decreased for both the three month and nine month periods ended June 30, 1992 from the prior year.
 CK Bank has nine full service banking offices in the Piedmont and Western regions of North Carolina. The company's stock is traded
over-the-counter with the NASDAQ symbol CKSB.
 -0- 7/15/92
 /CONTACT: Ben Guion, C.F.O., CK Federal Savings Bank, 704-783-0365/
 (CKSB) CO: CK Federal Savings Bank ST: North Carolina IN: FIN SU: ERN


CM -- CH011 -- 9712 07/15/92 16:18 EDT
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Date:Jul 15, 1992
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