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EARNINGS CLIMB AT RAILROADMEN'S; SECOND QUARTER EARNINGS UP 26 PERCENT OVER SAME PERIOD LAST YEAR

 INDIANAPOLIS, July 15 /PRNewswire/ -- Railroadmen's Federal Savings and Loan Association (NASDAQ: RRMN) today announced earnings of $1,941,208 or $.94 per share for the quarter ended June 30, 1993. This compares to $1,546,325 or $.77 per share for the same quarter last year, an earnings increase of 26 percent.
 For the six months just ended, the Association posted earnings of $4,149,949 or $2.03 per share compared to $3,215,188 or $1.60 for the first half of 1992.
 "We're very pleased with the results of the quarter and of the first half of the year," said J. R. Kocher, chairman of the board and chief executive officer. "The combination of our strategic planning efforts and the loan volume we have sustained for over two years has benefitted us in the form of strong earnings."
 In the first half of 1993, $102 million in mortgage loans were closed by Railroadmen's, representing financing for over 1,300 homes in Central Indiana.
 In addition to loan products, customers continue to look to Railroadmen's for savings and related products. Deposits are just over $400 million and sales for 21 Service Corporation, Railroadmen's subsidiary which offers a variety of annuity and securities products, were over $1.8 million for the quarter just ended.
 In addition to its earnings performance, Railroadmen's had a strong quarterly showing in other key areas. Return on assets was 1.15 percent for the quarter ended June 30, 1993, up from .98 percent during the same period last year. Return on equity was 18.8 percent for the quarter just ended, compared to 18.0 percent for the quarter ended June 30, 1992. Shareholders' equity grew to $42.2 million with a book value of $21.33 per share, up from $38.3 million with a book value of $19.47 per share at Dec. 31, 1992.
 Additionally, Railroadmen's continues to exceed all Federal regulatory capital levels.
 On June 1, Huntington Bancshares Incorporated announced plans to acquire Railroadmen's in a transaction that should be completed by the end of 1993 subject to shareholder and regulatory approvals.
 Railroadmen's operates 15 full service offices in the Greater Indianapolis and Chicago areas.
 RAILROADMEN'S FINANCIAL HIGHLIGHTS
 Dollars in Thousands Except Per Share Data
 OPERATING HIGHLIGHTS Three months ended
 6/30/93 6/30/92
 Net income
 Income before extraordinary item
 and cumulative effect of
 accounting change $1,941 $1,535
 Extraordinary item --- 11
 Cumulative effect of
 accounting change --- ---
 Net income $1,941 $1,546
 Net Income Per Common and
 Common Equivalent Share
 Income before extraordinary item
 and cumulative effect of
 accounting change $0.94 $0.76
 Extraordinary item --- 0.01
 Cumulative effect of accounting
 change --- ---
 Net income $0.94 $0.77
 Average outstanding shares
 (common and common equivalent) 2,075 2,019
 Return on assets (percent) 1.15 0.98
 Return on equity 18.8 18.0
 Six months ended
 6/30/93 6/30/92
 Net income
 Income before extraordinary item
 and cumulative effect of
 accounting change $3,741 $2,729
 Extraordinary item --- 486
 Cumulative effect of
 accounting change 409 ---
 Net income $4,150 $3,215
 Net Income Per Common and
 Common Equivalent Share
 Income before extraordinary item
 and cumulative effect of
 accounting change $1.83 $1.36
 Extraordinary item --- 0.24
 Cumulative effect of accounting
 change 0.20 ---
 Net income $2.03 $1.60
 Average outstanding shares
 (common and common equivalent) 2,047 2,008
 Return on assets (percent) 1.25 1.04
 Return on equity 20.7 19.2
 BALANCE SHEET HIGHLIGHTS As of 6/30/93 As of 12/31/92
 Total assets 684,342 660,942
 Loans and mortgage-backed
 securities 633,639 586,326
 Deposits 402,943 408,766
 Shareholders' equity 42,192 38,314
 Book value per share 21.33 19.47
 OTHER INFORMATION
 Market closing price $37.87 $20.50
 Dividend per share
 (annualized) $ 0.40 $ 0.30
 Number of offices 15 15
 -0- 7/15/93
 /CONTACT: Kay Neidlinger of Railroadmen's Federal Savings and Loan Association, 317-630-0599, or 800-822-8280, (toll-free in Indiana only)/
 (RRMN)


CO: Railroadmen's Federal Savings and Loan Association ST: Indiana IN: FIN SU: ERN

BM -- CL018 -- 1987 07/15/93 12:56 EDT
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Date:Jul 15, 1993
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