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ELMWOOD BANCORP, INC. REPORTS INCREASED THIRD QUARTER EARNINGS; DIVIDEND DECLARED

 MEDIA, Pa., Oct. 20 /PRNewswire/ -- Elmwood Bancorp, Inc. (NASDAQ: EFSB) today reported net income of $650,000, or $.44 per common share for the third quarter in 1993, an increase of 87 percent over the $350,000 net income, or $.24 per common share, reported for the same period in 1992.
 Also today, the board of directors declared a $.10 dividend payable on Nov. 10, 1993, to shareholders of record as of Nov. 3.
 Net income for the nine months ended Sept. 30, 1993, was $2.41 million, or $1.65 per common share. Of this amount, $485,000, or $.33 per common share, represents the positive effect of an accounting change recorded in March of this year. This compares with net income of $887,000, or $.61 per common share, for the nine months ended Sept. 30, 1992.
 Frank C. Freeman, chairman and chief executive officer, attributes the gains to increased interest rate spreads, improved market conditions, along with the corresponding lower provisions for possible loan losses, and a significant decrease in operating expenses. Freeman commented that the lowered overhead was particularly gratifying in light of the approximate $100,000 in added costs incurred as part of the merger process.
 At Sept. 30, 1993, the company's total assets were $262.3 million, an increase of approximately $21.7 million over the $240.6 million reported at Dec. 31, 1992.
 Elmwood Bancorp, Inc., headquartered in Media, is the parent of Elmwood Federal, a federally chartered savings bank which maintains nine full service offices. As of Sept. 30, 1993, Elmwood Bancorp had $25.0 million in shareholders' equity. The company recently announced the signing of a definitive agreement to become the fifth banking partner of Keystone Financial, Inc., of Harrisburg, Pa., the ninth largest bank holding company in Pennsylvania, with assets of approximately $3.1 billion.
 /delval/
 -0- 10/20/93
 /CONTACT: Richard F. Stipa, president, of Elmwood Bancorp, 215-565-8200/


CO: Elmwood Bancorp, Inc. ST: Pennsylvania IN: FIN SU: ERN

MJ-JM -- PH034 -- 4758 10/20/93 16:22 EDT
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Publication:PR Newswire
Date:Oct 20, 1993
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