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F.F.O. FINANCIAL GROUP, INC. ANNOUNCES TERMINATION OF ENGAGEMENT OF INDEPENDENT AUDITORS

 ST. CLOUD, Fla., Nov. 18 ~PRNewswire~ -- F.F.O. Financial Group, Inc. (NASDAQ: FFFG), a Florida-based unitary savings and loan holding company and the parent of First Federal Savings and Loan Association of Osceola County, today announced that it has terminated the engagement of its independent auditors, Deloitte & Touche. James B. Davis, president of the company, said, "such action was taken, among other reasons, because of the company's concerns regarding the timing and amount of the provisions for loan losses which were previously reported in the quarter ended June 30, 1992."
 Davis emphasized that "the termination of Deloitte & Touche did not result from any disagreements with such firm over the total amount of the loan loss provisions previously recorded by the company or over the need for any additional provisions for possible loan losses." Davis added that "the company does not expect to report any additional loan loss provisions as a result of the decision to terminate Deloitte & Touche."
 At present, the company is evaluating the scope of prior audit coverage provided to it as well as reviewing the possibility that its financial statements for certain prior periods, including at and for the year ended Dec. 31, 1991, may need to be restated in order to reflect a portion or all of the provisions for loan losses previously reported in the three months ended June 30, 1992. While no final determination has been made with respect to any such restatement, such matter will be accorded priority when the company engages new auditors.
 -0- 11~18~92
 ~CONTACT: James B. Davis, president of F.F.O. Financial Group, 407-957-7401~
 (FFFG)


CO: F.F.O. Financial Group, Inc.; Deloitte & Touche ST: Florida IN: FIN SU:

AW-JJ -- FL009 -- 2474 11~18~92 15:03 EST
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Publication:PR Newswire
Date:Nov 18, 1992
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