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FOUNDERS FINANCIAL CORPORATION REPORTS THIRD QUARTER EARNINGS

 NAPLES, Fla., Oct. 21 /PRNewswire/ -- Founders Financial Corporation (NASDAQ: FFCP), parent company of Founders National Trust Bank, today reported earnings for the quarter ended Sept. 30, 1993, its seventh quarter of operation.
 William L. Gunlicks, chairman and chief executive officer, said Founders had third quarter earnings of $42,227 or $.03 per share, compared to a 1992 third quarter loss of ($139,259) or ($.10) per share. For the nine months ended Sept. 30, 1993, Founders reported earnings of $233,801 or $.17 per share, compared to a loss for the same period in 1992 of ($1,560,926) or ($1.12) per share, an improvement of $1.8 million.
 Founders originated a record $29 million in mortgage loans for the quarter. The increase in mortgage activity and resulting sales in the secondary market contributed to the significant non-interest income reported for the quarter. Founders also experienced increased demand for other loan products resulting in an $8 million increase in portfolio loans. The company's asset quality remains high, with all loan performing. The company's investment management and trust services also experienced strong growth in the third quarter.
 "While earnings for the third quarter are less than the prior quarter's earnings, which included non-recurring security gains, our third quarter earnings result from ongoing business activities. Based on current levels of business activity and economic conditions, the balance of the year looks promising and the company should be in a position to attain its net return on investment objectives by year end," Gunlicks said.
 Founders Financial Corporation is a publicly traded company headquartered in Naples, Fla. Its wholly owned subsidiary, Founders National Trust Bank, provides full-service banking, mortgage, personal investment services, professional investment management and trust services with two locations each in Naples and Fort Myers, Fla.
 -0- 10/21/93
 /CONTACT: Patricia M. Heath of Founders National Trust Bank, 813-433-3600/
 (FFCP)


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

RK-PC -- FL013 -- 5177 10/21/93 11:55 EDT
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Publication:PR Newswire
Date:Oct 21, 1993
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