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FORTUNE BANK RECEIVES OTS APPROVAL FOR BANK CHARTER

 CLEARWATER, Fla., June 29 /PRNewswire/ -- Fortune Bank announced today that it has received approval from the Office of Thrift Supervision (OTS) to convert its charter from a savings and loan institution to a commercial bank. Fortune Bank has applied to become a state-chartered commercial bank and a member of the Federal Reserve System.
 "We are pleased with the positive response from the Office of Thrift Supervision and are moving forward with the application process," said Chairman of the Board and Chief Executive Officer John R. Torell III.
 In addition to OTS approval of the application, which is subject to standard agency provisions, the conversion also requires approval from the state of Florida and the Federal Reserve System.
 Fortune Bank is the primary subsidiary of Fortune Bancorp (NASDAQ: FORB). With $2.7 billion in assets and 46 branches, Fortune Bank is the largest financial institution headquartered on the west coast of Florida.
 -0- 6
 /CONTACT: Nancy Kaylor of Fortune Bank, 813-538-1114/
 (FORB)


CO: Fortune Bank; Fortune Bancorp ST: Florida IN: FIN SU:

RC-AW -- FL012 -- 6874 06/29/93 16:40 EDT
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Publication:PR Newswire
Date:Jun 29, 1993
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