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FIRST FEDERAL SAVINGS BANK OF NEW SMYRNA ANNOUNCES AGREEMENT WITH FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF CITRUS COUNTY

 FIRST FEDERAL SAVINGS BANK OF NEW SMYRNA ANNOUNCES AGREEMENT
 WITH FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF CITRUS COUNTY
 NEW SMYRNA BEACH, Fla., Jan. 17 /PRNewswire/ -- First Federal Savings Bank of New Smyrna (NASDAQ-NMS: FFSB), New Smyrna Beach, Fla., ("First Federal of New Smyrna") is pleased to announced that it's board of directors has reached an agreement with the board of directors of First Federal Savings and Loan Association of Citrus County, Inverness, Fla., ("First Federal of Citrus") pursuant to which First Federal of New Smyrna and First Federal of Citrus would become separate subsidiaries of a proposed multiple savings and loan holding company. Both the agreement and the proposed transaction are subject to certain conditions, including the approval of the Office of Thrift Supervision ("OTS") and stockholders of First Federal of New Smyrna.
 Under the proposed transaction, the existing stockholders of First Federal of New Smyrna would become stockholders of a newly created holding company incorporated in the State of Florida, which would own all of the outstanding common stock of First Federal of New Smyrna. First Federal of Citrus, a federally chartered mutual savings and loan association, would convert to stock form and issue all of its common stock to the holding company upon conversion in return for the net proceeds from the sale of holding company stock to members of First Federal of Citrus and the public.
 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. First Federal of New Smyrna had total assets of $311.0 million, deposits of $282.6 million and stockholders' equity of $24.1 million as of Sept. 30, 1991. First Federal of New Smyrna exceeds all of its current and fully phased-in regulatory capital requirements. The savings bank earned net income of $784,000 during the fiscal year ended Dec. 31, 1990 and net income of $1,358,000 during the nine-month period ended Sept. 30, 1991.
 First Federal of Citrus operates from four locations in Citrus County, including it's main office located in Inverness and three branch offices located in Crystal River, Homosassa Springs and Beverly Hills. The association recorded net income of $383,000 during the fiscal year ended March 31, 1991, and net income of $301,000 during the seven-month period ended Oct. 31, 1991. First Federal of Citrus had total assets of $253.5 million, deposits of $246.7 million and retained income of $3.58 million, as of Sept. 30, 1991. The association's capital ratios fail to meet all of its current regulatory capital requirements.
 The transaction is expected to increase the regulatory capital levels of First Federal of Citrus to amounts in excess of fully phased-in regulatory capital requirements.
 -0- 1/17/92
 /CONTACT: Patricia J. Van Eck, vice president and treasurer of First Federal Savings of New Smyrna, 904-428-2466, ext. 6740/
 (FFSB) CO: First Federal Savings of New Smyrna; First Federal Savings and
 Loan Association of Citrus County ST: Florida IN: FIN SU: TNM


SS-JJ -- FL006 -- 1054 01/17/92 14:28 EST
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Publication:PR Newswire
Date:Jan 17, 1992
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