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FF BANCORP ANNOUNCES REORGANIZATION/MERGER COMPLETE

 FF BANCORP ANNOUNCES REORGANIZATION/MERGER COMPLETE
 NEW SMYRNA BEACH, Fla., July 9 /PRNewswire/ -- FF Bancorp, Inc., a


newly formed Florida corporation, announces that effective July 7, 1991, First Federal Savings Bank of New Smyrna (NASDAQ-NMS: FFSB), New Smyrna Beach, Fla., has been reorganized into a Florida holding company structure. Also effective July 7, FF Bancorp acquired First Federal Savings and Loan Association of Citrus County in Inverness, Fla., resulting in FF Bancorp becoming a multiple savings and loan holding company with First Federal of New Smyrna and First Federal of Citrus County as its wholly owned subsidiaries. Both institutions will operate under separate charters and continue to provide high quality hometown banking services, personalized to each of their communities.
 Prior to the transaction, First Federal of Citrus County was a federally chartered mutual savings and loan association which was converted in the transaction to a stock chartered savings bank. Stockholders of First Federal of New Smyrna exchanged their stock for FF Bancorp stock, while First Federal of Citrus County issued all of its common stock directly to FF Bancorp in exchange for the net proceeds of a sale of its common stock to officers, directors and depositors of First Federal of Citrus County as well as members of the public. These transactions result in FF Bancorp owning all of the outstanding shares of both institutions.
 Charles H. Byrd, vice-chairman of the board of directors of FF Bancorp has been elected to serve as president of the newly named First Federal Savings Bank of Citrus County, replacing E. A. Garcia who will continue to serve as a director of the savings bank along with Charles E. Davis, Newman D. Brown and Charles S. Dean. Wesley T. Small will continue to serve in the capacity of executive vice-president and Russell D. Bailey will continue to serve as the savings bank's chief financial officer.
 First Federal of New Smyrna, a federally chartered stock savings bank, conducts operations from its main office and a branch office in New Smyrna Beach and a branch office in Edgewater, Fla. First Federal of New Smyrna estimates that it holds approximately 36 percent of total deposits held by financial institutions in its market area. As of March 31, 1F?irst Federal of New Smyrna had approximately $312.6 million in total assets, $282.7 million in deposits and stockholders' equity of $24.8 million. First Federal of New Smyrna exceeds all of its current and fully phased-in regulatory capital requirements. First Federal of New Smyrna earned net income of approximately $1,852,000 during the fiscal year ended Dec. 31, 1992 and net income of $653,000 for the first quarter ended March 31, 1992.
 First Federal of Citrus County operates from four locations in Citrus County, including its main office located in Inverness and three branch offices located in Crystal River, Homosassa Springs and Beverly Hills. First Federal of Citrus County recorded net income of $396,000 during the first quarter ended March 31, 1992. As of March 31, 1992, First Federal of Citrus County had total assets of $237.4 million and total deposits of $225.8 million. As a result of this transaction, First Federal of Citrus County now meets all of its current regulatory capital requirements and has a net worth of approximately $9.4 million.
 -0- 7/9/92
 /CONTACT: Patricia J. Van Eck, vice president and treasurer of First Federal Savings Bank of New Smyrna, 904-428-2466, ext. 6740/
 (FFSB) CO: FF Bancorp, Inc.; First Federal Savings Bank of New Smyrna ST: Florida IN: FIN SU: TNM PER


AW-JB -- FL006 -- 8126 07/09/92 11:39 EDT
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Publication:PR Newswire
Date:Jul 9, 1992
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