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EXECUFIRST BANCORP, PARENT OF FIRST EXECUTIVE BANK, REPORTS AUDITED YEAR-END RESULTS

 EXECUFIRST BANCORP, PARENT OF FIRST EXECUTIVE BANK,
 REPORTS AUDITED YEAR-END RESULTS
 PHILADELPHIA, March 16 /PRNewswire/ -- ExecuFirst Bancorp, Inc. (NASDAQ: FXBC), parent company of First Executive Bank, today released its audited year-end results for 1991.
 As previously announced, the company, which opened a little more than three years ago, achieved its first full year of profitable operations in 1991. Due to a negative adjustment made to its year-end results subsequent to the release of unaudited 1991 results in January, the company announced net income for 1991 totaling $129,831 or $.11 per share (including gains from its investment activities in the amount of $188,300). Such results compared to a loss of ($1,399,666) or ($1.14) per share in 1990.
 The company also reported fourth quarter net income of $56,434 or $.05 per share (including gains from its investment activities of $188,300) compared to net income of $8,620 or $.01 per share in 1990.
 The adjustment made to the company's 1991 unaudited results included an addition to its loan loss reserve during the quarter of $175,000. Such adjustment was made after discussions with the company's regulatory agencies and its independent public accountants.
 Such adjustment to the loan loss reserve made during the fourth quarter resulted in a total loan loss reserve as of Dec. 31, 1991, of approximately $1.8 million, representing approximately 2.8 percent of total loans outstanding.
 The adjustment resulted in a book value per share of $6.99 per share as of Dec. 31, 1991.
 /delval/
 -0- 3/16/92
 /CONTACT: Zvi H. Muscal, chairman of ExecuFirst Bancorp, 215-564-3300/
 (FXBC) CO: ExecuFirst Bancorp, Inc. ST: Pennsylvania IN: FIN SU: ERN


JS-LJ -- PH031 -- 8424 03/16/92 15:53 EST
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Date:Mar 16, 1992
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