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F & C BANCSHARES, INC. REPORTS THIRD QUARTER EARNINGS

 F & C BANCSHARES, INC. REPORTS THIRD QUARTER EARNINGS
 PUNTA GORDA, Fla., April 13 /PRNewswire/ -- F & C Bancshares,


Inc. (NASDAQ: FSCC) today reported that consolidated net earnings for the third quarter ended March 31, 1992, were $807,797, or $.25 per share, as compared to earnings of $722,180 or $.22 per share for the same period of 1991.
 Total assets as of March 31, 1992, were $421,156,605 as compared to $363,642,057 at June 30, 1991, an increase of $57,514,548, or 15.8 percent. In this nine-month period, additional mortgage-backed securities were purchased, increasing the portfolio balance $16,643,678, or 41.8 percent. Interest-bearing deposits in other banks increased $47,017,714 or 82.4 percent. Loans receivable decreased $8,580,900, or 3.5 percent during the same nine-month period, primarily due to the nationwide recession and local economic slowdown in home construction and real estate sales.
 Net income for the nine months ended March 31, 1992, was $2,539,239, or $.78 per share, as compared to $2,123,335, or $.65 per share, for the same period of 1991. Cash dividends aggregating $2,078,359 were paid during the first three quarters of fiscal 1992, and stockholders' equity increased $576,329, or 1.4 percent from $42,018,278 at June 30, 1991, to $42,594,607 at March 31, 1992. With 3,211,079 shares of common stock outstanding on March 31, 1992, stockholders' equity of $42,594,607, represents an approximate book value of $13.26 per share.
 F & C Bancshares' wholly owned subsidiary, First Federal Savings Bank of Charlotte County, continues to meet and exceed all the fully phased-in capital requirements mandated by the Financial Institutions Reform, Recovery and Enforcement Act of 1989. The savings bank is located in southwest Florida and operates 7 offices which serve Charlotte and south Sarasota counties.
 -0- 4/13/92
 /CONTACT: Linda A. Labor, corporate secretary of First Federal Savings Bank of Charlotte County, 813-637-3214/
 (FSCC) CO: F & C Bancshares, Inc. ST: Florida IN: FIN SU: ERN


JB-AW -- FL016 -- 7781 04/13/92 12:50 EDT
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Publication:PR Newswire
Date:Apr 13, 1992
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