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FAIRFAX BANK & TRUST COMPANY ANNOUNCES RECORD ANNUAL EARNINGS

 FAIRFAX, Va., Jan. 7 /PRNewswire/ -- Fairfax Bank & Trust Company (NASDAQ: FBTC) announced record net income for the year ended Dec. 31, 1993, of $2,005,463 ($2 per share) compared to $1,005,421 ($1.07 per share) for year end 1992. This change represents an increase of 99.5 percent. For 1993, return on average assets and equity were 1.37 percent and 19.10 percent, respectively, compared to 0.76 percent and 11.92 percent for the prior year.
 For the fourth quarter ended Dec. 31, 1993, Fairfax Bank & Trust Company reported net income of $612,073 (61 cents per share) compared to $612,421 (63 cents per share) for the same time period in the prior year.
 Improved earnings for 1993 are attributed to growth in earning assets and increased service charge and fee income. Earning assets grew 19.9 percent to $152.7 million at Dec. 31, 1993, from $127.4 million at year end 1992. Other income from service charges and fees increased from $824,000 to $1.2 million during the same time period, a 45.6 percent increase. In addition, due to improved asset quality, the provision for loan losses for the year ended Dec. 31, 1993, was $348,000 compared to $801,000 for the same period in 1992.
 Fairfax Bank & Trust has been listed on NASDAQ (under the symbol "FBTC") since Dec. 17, 1993, at which time the bank completed a stock offering of 200,000 shares at an offering price of $16. The increased capital will further enhance Fairfax Bank & Trust Co.'s strong capital position and support plans for future growth.
 At Dec. 31, 1993, total assets were $164.9 million, up from $141.5 million in 1992, an increase of 16.5 percent. During the same period, total deposits increased 9.6 percent and total loans increased 24.1 percent, to $132.8 million and $109.2 million, respectively. There were 1,173,657 common shares outstanding at year end with a book value per share of $14.26 compared to $9.83 for year end 1992.
 -0- 1/7/94
 /CONTACT: Ramona W. Rodriguez, 703-359-9090, or Charles E. Curtis, 703-359-9380, both of Fairfax Bank & Trust Company/
 (FBTC)


CO: Fairfax Bank & Trust Company ST: Virginia IN: FIN SU: ERN

DT-IH -- DC001 -- 0155 01/07/94 12:33 EST
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Publication:PR Newswire
Date:Jan 7, 1994
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