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FIRST AMERICAN BANK ANNOUNCES SPECIAL ADDITION TO LOAN RESERVE ACCOUNT

FIRST AMERICAN BANK ANNOUNCES SPECIAL ADDITION TO LOAN RESERVE ACCOUNT
 ROSEMEAD, Calif., Feb. 10 /PRNewswire/ -- First American Bank (OTC) today announced its decision to add $4,605,000 to its loan reserve account in the quarter ending Dec. 31, 1991. This provision is in addition to the bank's regularly scheduled provision.
 After this special provision the loan reserve account at Dec. 31, 1991, will be $4,273,000, which is 4.43 percent of loans outstanding on that date, which compares with a 2.63 percent reserve at year-end 1990.
 The provision will result in a loss of $1,467,000, or $.68 per share for calendar year 1991, compared to a profit of $2,585,000 or $1.19 per share for 1990.
 The 1991 loss will have a minimal impact on the bank's risk-based capital position which was 14.23 percent at Dec. 31, 1991, compared to 15.40 percent at Dec. 31, 1990. This capital ratio is well over the minimum regulatory requirements of 7.25 percent for commercial banks.
 -0- 2/10/92
 /CONTACT: William O'Mara, president, or Mary Bates, CFO, of First American Bank, 818-287-6100/ CO: First American Bank ST: California IN: FIN SU:


JL-EH -- LA014 -- 8136 02/10/92 09:05 EST
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Publication:PR Newswire
Date:Feb 10, 1992
Words:208
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