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DISCOUNT CORPORATION OF NEW YORK REPORTS RESULTS FOR SECOND QUARTER AND SIX MONTHS ENDED JUNE 30, 1993

 NEW YORK, July 30 /PRNewswire/ -- Discount Corporation of New York (NYSE: DCY) announced on May 20 that it had signed an agreement to be acquired by Zions First National Bank (Zions), a wholly-owned subsidiary of Zions Bancorportion (NASDAQ: ZION), subject to approval of the transaction by the Office of the Comptroller of the Currency (OCC) and by the holders of two-thirds of Discount Corporation's stock. As previously announced, the OCC approved the transaction on July 1, 1993 and Discount Corporation's stockholders are scheduled to vote on the transaction at a special meeting on August 10. If stockholder approval is obtained, it is expected that the acquisition will be consummated on August 11.
 Discount Corporation's agreement with Zions called for Discount Corporation to implement a business plan prior to the effective date of the acquisition pursuant to which, consistent with its fiduciary obligations to stockholders, Discount Corporation would scale back its operations and terminate the employment of certain of its employees. Discount Corporation has implemented such a plan.
 For the three months ended June 30, 1993, Discount Corporation reported an unaudited net loss of $4,347,279 or $0.54 per share compared with a net loss of $2,651,019 or $0.33 per share for the second quarter of 1992. An unaudited net loss of $4,872,512 or $0.60 per share was reported for the six months ended June 30, 1993, compared with a net loss of $8,117,132 or $1.00 per share for the first six months of 1992.
 Discount Corporation's management believes that the results for the second quarter are not inconsistent with its previously disclosed preliminary estimate that the final merger consideration to be paid to Discount Corporation's stockholders pursuant to the agreement with Zions would be $8.00 per share, as described and set forth in the Proxy Statement dated July 13, 1993, which has been sent to Discount Corporation's stockholders.
 -0- 7/30/93
 /CONTACT: Phebe C. Miller of Discount Corporation, 212-248-5057, or Jeff Taufield, or Mary Horne both of Kekst and Company, 212-593-2655, for Discount Corporation/
 (DCY)


CO: Discount Corporation of New York ST: New York IN: FIN SU: ERN

LD -- NY086 -- 7997 07/30/93 18:22 EDT
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Publication:PR Newswire
Date:Jul 30, 1993
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