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EXECUFIRST BANCORP, PARENT OF FIRST EXECUTIVE BANK, REPORTS PROFITABLE 1991

 EXECUFIRST BANCORP, PARENT OF FIRST EXECUTIVE BANK,
 REPORTS PROFITABLE 1991
 PHILADELPHIA, Jan. 21 /PRNewswire/ -- ExecuFirst Bancorp, Inc. (NASDAQ: FXBC), parent company of First Executive Bank, today reported that continued growth in both loans and deposits enabled it to achieve its first full year of profitable operations.
 The company, which opened little more than three years ago, reported that its net income for 1991 totaled $304,831 or $.25 per share, (including securities gains of $188,600) compared to a loss of $1,399,666 or $1.14 per share in 1990.
 For 1991's fourth quarter, the company reported net income of $231,434 or $.19 per share, (including realized securities gains of $188,600) compared to earnings of $8,620 or $.01 per share in 1990's fourth quarter.
 The company attributed its yearly and quarterly success to sustained growth in its core lending business along with the securities gains.
 Zvi H. Muscal, ExecuFirst chairman and First Executive Bank president and chief executive officer, said, "I am proud that in the face of a particularly difficult economic climate for banking, First Executive Bank was able to move forward with its business plan, achieving and surpassing its goals for loan, deposit and asset growth."
 Net Loans Up 26 Percent
 Net loans at Dec. 31, 1991, were $62.1 million, up 26 percent from a year ago.
 "The strongest component of First Executive Bank's loan growth has been its lending to medical and legal professionals and to small businesses," Muscal noted. "Due largely to the efforts of the Bank's Medical and Legal Groups and the direction provided by its new Medical Advisory Board, First Executive has been extremely active in financing new practices. It has become a participant in this business in the Philadelphia metropolitan area."
 Muscal pointed out that this success has served to add diversity to the bank's lending portfolio, providing smaller and more numerous loans.
 Deposits Rise 45 Percent
 Deposits at the end of the year totaled $80.3 million, an increase of 45 percent from 1990.
 "First Executive Bank's healthy deposit growth reflects an important business trend," Muscal said. "It is indicative that the bank is becoming the principal bank for its customers, not just a source of loans. Doctors, dentists, lawyers, hospital executives and business owners increasingly are opening checking and time deposit accounts at First Executive Bank," he reported. "In fact, to help deliver these services more effectively, particularly to medical professionals not convenient to the bank's Center City headquarters, First Executive is planning to open several mini-branches in area hospitals in the future."
 Assets Increase 39 Percent
 Assets at Dec. 31, 1991, were $90 million, up 39 percent from the year-end 1990.
 "The sharp rise in assets reflected more than the increase in loans," Muscal said. "It also benefitted from the company's investment portfolio, largely U.S. Treasury instruments totaling about $22 million at cost on December 31, 1991, and with a market value of approximately $23 million. This portfolio realized $188,600 in securities gains in 1991's fourth quarter."
 Net Interest Income Up For The Year And The Fourth Quarter
 Reflecting the strength of the bank's core business activities, net interest income for 1991 after the provision for loan losses, totaled $2,359,591 compared to $626,806 in 1990. For 1991's fourth quarter, net interest income after the provision was $654,868 vs. $545,838 a year earlier.
 Reserve Maintained For Loan Losses
 At Dec. 31, 1991, the reserve for loan loss totaled $1.9 million, or 3 percent of total loans and 95 percent of non-performing loans.
 The company noted that it provided a total of $177,821 during 1991 to its reserve for loan losses, compared to $1,572,825 in 1990.
 Fourth quarter net income included a provision of $50,385 to the company's reserve for loan losses, compared to $48,155 in 1990's fourth quarter.
 "The management of First Executive Bank is continuing to work with its customers experiencing financial difficulties as a result of the depressed regional and national economy," Muscal reported.
 Community Involvement
 Muscal said 1991 saw a continuation of First Executive Bank's active participation in its community. "We conducted financial seminars and sponsored symposiums during the year, contributed to a wide range of community endeavors and hosted a reception for customers and friends of First Executive Bank to celebrate the bank's third anniversary in December," he noted.
 Book Value
 Ending 1991 with a book value of $7.14 per share, ExecuFirst Bancorp said it intends to increase its efforts to tell its story to the investment community, Muscal reported. "I believe that investment analysts who take a close look at our company will see its potential," he said.
 First Executive Bank opened for business in November of 1988. It is a state-chartered bank and a member of the Federal Reserve System. Its deposits are insured by the Federal Deposit Insurance Corporation (FDIC). EXECUFIRST BANCORP, INC. AND ITS ONLY SUBSIDIARY, FIRST EXECUTIVE BANK
 Operating Results
 Fourth quarter Year ended Dec. 31
 1991 1990 1991 1990
 (Unaudited) (Unaudited) (Unaudited) (Audited)
 Interest income $1,989,825 $1,464,381 $7,338,727 $5,492,032
 Interest expense,
 deposits 1,284,562 870,388 4,801,315 3,292,401
 Provision for loan
 losses 50,395 48,155 177,821 1,572,825
 Net interest income
 after provision for
 loan loss 654,868 545,838 2,359,591 626,806
 Securities gains 188,600 --- 188,600 ---
 Other income 10,600 11,243 37,297 45,978
 Income before other
 expenses 854,068 557,081 2,585,488 672,784
 Other expenses 622,634 548,461 2,280,657 2,072,450
 Net income (loss) 231,434 8,620 304,831 (1,399,666)
 Net income (loss)
 per common share $.19 $.01 $.25 ($1.14)
 Weighted average
 number of shares
 outstanding 1,226,057 1,226,057 1,226,057 1,226,057
 At Dec. 31 1991 1990
 Total assets $90,037,507 $64,733,958
 Net loans 62,094,535 49,221,181
 Total deposits 80,254,486 55,288,381
 /delval/
 -0- 1/21/92
 /CONTACT: Zvi H. Muscal, chairman of ExecuFirst Bancorp, 215-564-3300/
 (FXBC) CO: ExecuFirst Bancorp, Inc. ST: Pennsylvania IN: FIN SU: ERN


KA-MP -- PH006 -- 1799 01/21/92 11:51 EST
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Date:Jan 21, 1992
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