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EQUIMARK ANNOUNCES HIGHLY SUCCESSFUL RIGHTS OFFERING

 EQUIMARK ANNOUNCES HIGHLY SUCCESSFUL RIGHTS OFFERING
 PITTSBURGH, Feb. 12 /PRNewswire/ -- Equimark Corporation


(NYSE: EQK) announced today that it raised $52 million in its recently completed rights offering.
 The capital raised includes a $30 million base subscription from current stockholders and $22 million additional from the conversion of bonds by several standby purchasers. The corporation had expected to raise a total of about $30 million.
 "The rights offering has been extremely successful, beyond even our most optimistic expectations," said Gary W. Fiedler, Equimark's chairman and chief executive officer. "These results are a clear vote of confidence by investors in the progress we've made and in the future of the company."
 Stockholders who exercised their basic rights in full were able to request unlimited additional shares. Because such requests exceeded available shares, additional shares will be distributed on a pro-rata basis.
 Equimark is a Pittsburgh-based bank holding company with $3.2 billion in assets. Equimark's banking subsidiary is Equibank, which operates 53 offices in western Pennsylvania and nine offices in the Philadelphia area. Equibank recently announced an agreement to sell its Philadelphia offices to Meridian Bancorp, Inc. (NASDAQ: MRDN).
 EQUIMARK CORPORATION
 Results of Rights Offering
 Feb. 10, 1992
 Dec. 31, 1991 ($ in millions) Actual After rights offering
 Shareholders' equity $76.2 $128.3
 Capital ratios:
 Total risk-based capital ratio 4.2 pct. 7.7 pct.
 Leverage capital ratio 1.3 pct. 3.5 pct.
 12-7/8 percent subordinated
 capital notes $44.5 $18.0
 Common shares outstanding 12.0 36.4
 Book value per common share $2.97 $2.41
 /delval/
 -0- 2/12/92
 /CONTACT: Joseph J. Whiteside, executive vice president and chief financial officer of Equimark, 412-288-5801/
 (EQK MRDN) CO: Equimark Corporation ST: Pennsylvania IN: FIN SU: OFR


DM -- PG001 -- 9122 02/12/92 09:50 EST
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Date:Feb 12, 1992
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