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EQUIMARK STOCKHOLDERS APPROVE RIGHTS OFFERING

 EQUIMARK STOCKHOLDERS APPROVE RIGHTS OFFERING
 PITTSBURGH, Jan. 10 /PRNewswire/ -- Equimark Corporation


(NYSE: EQK) announced that its stockholders approved today the terms of a proposed rights offering, including certain standby purchase arrangements, and an increase in the company's authorized common stock to 75,000,000 shares.
 "I am very pleased to be able to make this announcement today," said Gary W. Fiedler, Equimark's chairman and chief executive officer. "Over the last half of 1991 the company's asset quality, expense levels and operating earnings have improved significantly. This progress allows us to focus on the fourth component of our recovery plan: increasing capital. Today the stockholders have given us the authority to do just that."
 Under the terms of the rights offering, Equimark will issue to each of its common stockholders the right to purchase, at a price of $2.00 per share, 1.25 additional shares of common stock for each share held as of Jan. 10, 1992. Rights certificates will be mailed to stockholders early next week, and will expire at 5 p.m. Eastern Standard Time, on Feb. 10, 1992. The rights are expected to trade on the New York Stock Exchange under the symbol "EQK.RT." Stockholders as of the record date who exercise their rights in full will also have the non-transferrable option to subscribe for additional shares which are not otherwise purchased by rights holders. Members of the Tisch family, Equimark's largest stockholders with approximately 6.3 percent of its outstanding common stock, have agreed to purchase, on a standby basis, all unsubscribed shares following the expiration of the rights offering up to a maximum of 24.9 percent of the total number of outstanding shares.
 Equimark is a Pittsburgh-based bank holding company with $3.1 billion in assets. Equimark's banking subsidiary is Equibank, which operates 53 offices in western Pennsylvania and nine offices in the Philadelphia area.
 /delval/
 -0- 1/10/92
 /CONTACT: Joyce Stump of Equimark, 412-288-5932/
 (EQK) CO: Equimark Corporation ST: Pennsylvania IN: FIN SU: OFR


DM -- PG002 -- 8617 01/10/92 12:01 EST
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Publication:PR Newswire
Date:Jan 10, 1992
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