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FIRST CONSTITUTION REPORTS YEAR-END RESULTSS

 NEW HAVEN, Conn., Jan. 29 /PRNewswire/ -- First Constitution Financial Corporation (NASDAQ-NMS: FCON) reported a net loss of $642,400 or 6 cents per share for the fourth quarter of 1992 compared with a net loss of $31.4 million or $2.87 per share for the 1991 period. For the full-year period the 1992 loss was $56.9 million or $5.20 per share compared with $56.6 million or $5.17 per share in 1991.
 "The fourth quarter 1992 loss primarily reflects expenses incurred as a result of the seizure of First Constitution Bank on Oct. 2, 1992," stated John J. Crawford, president and chief executive officer. "There continue to be a number of uncertainties with respect to the company, including the assertion of any claims against the company's assets related to the failure of First Constitution Bank and the magnitude of the potential tax loss carryforward," Crawford noted.
 The company also announced that its 1993 annual meeting of shareholders will be held on Tuesday, April 13, at 10 a.m. at the Long Wharf Theatre in New Haven. Shareholders of record at the close of business Feb. 26, 1993 are entitled to vote at the meeting.
 At Dec. 31, 1992, total shareholders' equity was $10.9 million. Total shares outstanding were 10,948,650. First Constitution Financial Corporation shares are traded on the NASDAQ Stock Market. The trading symbol is FCON.
 FIRST CONSTITUTION FINANCIAL CORPORATION
 Consolidated Statements of Operations
 (in thousands except for share data)
 Three Months Twelve Months
 Ended Dec. 31, Ended Dec. 31,
 1992 1991 1992 1991
 Income and expenses
 Investment income $61 --- $844 $108
 Other income --- --- 1,958 ---
 Administrative expenses 685 2,463 1,484 3,239
 Income (loss) before income (624) (2,463) 1,318 (3,131)
 taxes and equity in net loss
 of subsidiary
 Income tax expense benefit 18 90 (1,481) 312
 Equity in net loss of
 subsidiary prior to seizure --- (28,872) (34,280) (53,172)
 Loss from seizure of
 subsidiary --- --- (25,447) ---
 Net loss $(642) $(31,425) $(56,928)$(56,615)
 Net loss per share (6 cents) $(2.87) $(5.20) $(5.17)
 Weighted Average shares
 outstanding (Note a) 10,956,171 10,956,190 10,956,431 10,950,717
 Note a -- Weighted average shares outstanding does not include stock options outstanding, which are antidilutive.
 FIRST CONSTITUTION FINANCIAL CORPORATION
 Consolidated Balance Sheets
 (in thousands except for share data)
 Dec. 31, Dec. 31,
 1992 1991
 Assets:
 Cash and cash equivalents $10,209 $6,434
 Investments held for sale 12 889
 Income tax receivable, net 305 2,750
 Investment in subsidiary --- 59,727
 Other assets 845 125
 Total Assets $11,371 $69,925
 Liabilities and Shareholders' Equity
 Accrued expenses and other
 liabilities $474 $2,098
 Shareholders' equity
 Preferred shares $1.00 par value
 Authorized- 3,000,000 shares
 Issued -- none --- ---
 Common shares $1.00 par value
 Authorized-20,000,000 shares
 Issued -- 11,058,019 shares
 Outstanding -- 10,948,650 and
 10,956,519 shares respectively 11,058 11,058
 Additional paid-in capital 150,313 150,313
 Retained deficit (148,872) (91,944)
 Less: treasury stock --
 109,369 and 101,500 shares,
 respectively, at cost (1,602) (1,600)
 Total shareholders' equity 10,897 67,827
 Commitments and contingencies
 Total Liabilities and
 Shareholders' Equity $11,371 $69,925
 -0- 1/29/92
 /CONTACT: John J. Crawford or George Brooks-Gonyer of First Constitution, 203-867-4090/
 (FCON)


CO: First Constitution Financial Corporation ST: Connecticut IN: FIN SU: ERN

CH -- NE006 -- 0713 01/29/93 11:15 EST
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Date:Jan 29, 1993
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