Printer Friendly

F.F.O. FINANCIAL GROUP TO SELL REAL ESTATE SUBSIDIARY

 F.F.O. FINANCIAL GROUP TO SELL REAL ESTATE SUBSIDIARY
 ST. CLOUD, Fla., Dec. 19 /PRNewswire/ -- F.F.O. Financial Group,


Inc. (NASDAQ: FFFG) announced today that its thrift subsidiary, First Federal Savings and Loan Association of Osceola County, has entered into a definitive agreement to sell its real estate development subsidiary, First Osceola Service Corporation (FOSC), to EKS, Inc. of Cocoa, Fla. for $2.0 million. Although subject to various conditions, the transaction is scheduled to close by Dec. 31, 1991. The sale has been approved by the Office of Thrift Supervision.
 To finance the purchase of FOSC, First Federal of Osceola will make a $2.0 million non-recourse loan to EKS, Inc., secured by a first mortgage on undeveloped land owned by FOSC, maturing in three years and carrying an interest rate of 7.5 percent.
 James B. Davis, president, chairman and chief executive officer of F.F.O. said he was pleased that the sale would result in $2.0 million of non-earning assets being transferred to earning status. Davis added that, while F.F.O. does not expect to record any material gain or loss on the transaction, the sale is projected to improve First Federal of Osceola's risk-based capital by approximately $847,500 because of the manner in which federal regulations require that capital standard to be calculated.
 F.F.O. is a Florida-based unitary savings and loan holding company. Its primary subsidiary, First Federal of Osceola, currently operates 12 full-service branches in Central Florida.
 -0- 12/19/91
 /CONTACT: Phyllis A. Elam, senior vice president and chief financial officer of F.F.O. Financial Group, Inc., 407-957-7421/
 (FFFG) CO: F.F.O. Financial Group, Inc.; EKS, Inc. ST: Florida IN: FIN SU:


AW-JJ -- FL008 -- 4125 12/19/91 17:28 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 19, 1991
Words:297
Previous Article:INVESTMENT COMPANY INSTITUTE REPORTS ON ASSETS OF MONEY MARKET MUTUAL FUNDS
Next Article:AMERICAN STOCK EXCHANGE DAILY REPORT
Topics:


Related Articles
F.F.O. FINANCIAL GROUP INC. TO SELL SBA LENDING BUSINESS
F.F.O. FINANCIAL GROUP, INC. SELLS SBA LENDING BUSINESS
F.F.0. FINANCIAL GROUP, INC. CONFIRMS ASSET SALES
F.F.O. FINANCIAL GROUP, INC. REPORTS FOURTH QUARTER AND YEAR END RESULTS
F.F.O. FINANCIAL GROUP, INC. REPORTS FOURTH QUARTER AND YEAREND PROFIT
F.F.O. FINANCIAL GROUP, INC. REPORTS SECOND QUARTER PROFIT
F.F.O. FINANCIAL GROUP, INC. REPORTS FOURTH QUARTER AND YEAR END PROFIT
F.F.0. FINANCIAL GROUP, INC. REPORTS FIRST QUARTER PROFIT
F.F.O. FINANCIAL GROUP, INC. REPORTS FOURTH QUARTER AND YEAR END PROFIT
F.F.O. Financial Group, Inc. Reports First Quarter Earnings

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters