Printer Friendly

FOUNDERS FINANCIAL CORP. REPORTS SIGNIFICANT FIRST-QUARTER PROGRESS

 NAPLES, Fla., April 15 /PRNewswire/ -- Founders Financial Corporation (NASDAQ: FFCP), parent company of Founders National Trust Bank, today reported positive earnings in only its fifth quarter of operation.
 William L. Gunlicks, chairman and chief executive officer, said Founders had first quarter earnings of $59,389, compared to a 1992 first quarter loss of $871,389, an improvement of nearly $1 million and more than a $362,000 gain over the fourth quarter of 1992.
 He attributed the earnings growth to significant increases in both fee income and net interest income. At the same time, operating expenses remained constant, he said.
 Assets totaled $80.6 million at March 31, 1993, a 49 percent increase over the total assets of $54 million at March 31, 1992.
 "Based on our high level of business activity, the outlook for 1993 is promising," Gunlicks said.
 In February Founders received approval for membership in the Federal Home Loan Bank, a source of low-cost funds. The company's stock is now listed and authorized for quotation on the NASDAQ system under the symbol FFCP.
 Founders National Trust Bank provides full-service banking, mortgage, investment and trust services with two locations each in Naples and Fort Myers.
 -0- 4/15/93
 /CONTACT: William L. Gunlicks, 813-591-3000 or Richard M. Shultz, 813-433-3600, both of Founders Financial Corporation/
 (FFCP)


CO: Founders Financial Corporation ST: Florida IN: FIN SU: ERN

SS-AW -- FL007 -- 6282 04/15/93 12:54 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 15, 1993
Words:236
Previous Article:COLORADO NATIONAL BANKSHARES REPORTS RECORD QUARTERLY EARNINGS
Next Article:WINN-DIXIE REPORTS RECORD EARNINGS FOR THIRD QUARTER
Topics:


Related Articles
RS FINANCIAL CORP. ANNOUNCES INCREASE IN EARNINGS FOR THIRD QUARTER AND NINE MONTHS
THE FIRST AMERICAN FINANCIAL CORP. REPORTS RESULTS
FIRST NATIONWIDE REPORTS FIRST-QUARTER RESULTS
FIRST NATIONWIDE REPORTS THIRD-QUARTER RESULTS
FIRST LIBERTY COMMENCES QUARTERLY CASH DIVIDEND ON COMMON STOCK
FIRST COLONIAL BANKSHARES REPORTS 53 PERCENT INCREASE IN QUARTERLY EARNINGS OVER FOURTH QUARTER 1993
OHSL FINANCIAL CORP. ANNOUNCES FIRST QUARTER RESULTS
FOUNDERS FINANCIAL CORPORATION ANNOUNCES 1994 CORPORATE OBJECTIVES AND FIRST QUARTER RESULTS OF OPERATIONS
UNITED JERSEY BANK GETS MERGER APPROVAL
STERLING FINANCIAL CORP. OF SPOKANE, WASH., ANNOUNCES FIRST QUARTER EARNINGS

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters