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FORMER U.S. AMBASSADOR NAMED FORTUNE BANCORP DIRECTOR

 FORMER U.S. AMBASSADOR NAMED FORTUNE BANCORP DIRECTOR
 CLEARWATER, Fla., Aug. 3 /PRNewswire/ -- Fortune Bancorp, Inc.


(NASDAQ: FORB) today announced the election of the Honorable Edward N. Ney as a director of the company and its flagship subsidiary, Fortune Bank.
 Ney is the former U.S. Ambassador to Canada. Nominated to the post in March 1989, he served in that capacity until early July 1992.
 Ney is the former chairman, president and chief executive officer of Young & Rubicam, Inc., the world's largest independent advertising/communications company. Following 35 years of service with Young & Rubicam, he relinquished his post as chairman in November 1986 to become chairman of a new company, Paine Webber/Young & Rubicam Ventures. In addition, Ney became a vice chairman and director of Paine Webber Inc.
 "Edward Ney is an outstanding individual whose keen insight and broad experience make him an especially valuable addition to Fortune's board," said Fortune Chairman and Chief Executive Officer John R. Torell III. "As we guide this company through today's challenges and opportunities, Ed's considerable talents will serve us well."
 In April 1984, Ney was appointed by President Reagan to The Board for International Broadcasting, which oversees Radio Free Europe/Radio Liberty. He was a member of the President's Private Sector on Cost Control (The Grace Commission) and the Commission on National Elections, which was established under the auspices of the Center for Strategic and International Studies. He serves on the advisory board of the Center for Strategic and International Studies.
 Ney is honorary chairman and a member of the executive committee of the Advertising Council; a former member of the board of governors of the Foreign Policy Association; and a member of the Council on Foreign Relations. He is also a member of the Advertising Hall of Fame. Ney also serves on the board of directors of Amherst College.
 A native of St. Paul, Minn., Ney is a graduate of Amherst College and served as an ensign in the Navy Air Corps during World War II.
 Fortune Bancorp is the holding company for Clearwater, Fla.-based Fortune Bank, a $2.5 billion institution operating 45 full-service banking offices in eight counties along Florida's west coast.
 -0- 8/3/92
 /CONTACT: Nancy Kaylor of Fortune Bancorp, 813-538-1114/
 (FORB) CO: Fortune Bancorp, Inc. ST: Florida IN: FIN SU: PER


JB-SS -- FL006 -- 6068 08/03/92 10:58 EDT
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Publication:PR Newswire
Date:Aug 3, 1992
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