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CORRECTION TO MARGARETTEN FINANCIAL CORPORATION REPORTS EARNINGS; DECLARES DIVIDEND.

 /C O R R E C T I O N -- MARGARETTEN FINANCIAL/
 In NY006 -- Margaretten Financial Corporation Reports Earnings;


Declares Dividend -- moved earlier today, in the Consolidated Statements of Income table, the lines for "Total revenue" and "Costs and expenses" appeared incorrectly in the release as originally transmitted.
 The table should read as follows:
 MARGARETTEN FINANCIAL CORPORATION AND SUBSIDIARIES
 Consolidated Statements of Income
 (Unaudited -- in thousands, except per share data)
 Three months ended March 31 1992 1991
 Revenue:
 Mortgage origination $25,400 $10,478
 Net interest income 9,381 4,072
 Sale of servicing rights 7,109 5,351
 Servicing 3,706 2,509
 Total revenue 45,596 22,410
 Costs and expenses 35,344 21,190
 Income before income taxes 10,252 1,220
 Income taxes 4,200 587
 Net income 6,052 633
 Earnings per share(A) $0.40 --
 (A) Earnings per share for the 1992 period was based on 15,122,656 total shares outstanding after initial public offering in January 1992. Primary earnings per share for the 1992 period was $0.43, based on 14,023,810 weighted average share outstanding. No per share amount was applicable to the 1991 period, which was prior to the initial public offering.
 -0- 4/23/92 C NY006
 (MRG) CO: Margaretten Financial Corporation ST: New Jersey IN: FIN SU: ERN


GK -- NY006A -- 1689 04/23/92 09:22 EDT
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Date:Apr 23, 1992
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