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FOUR CORNERS FINANCIAL CORPORATION REPORTS 28-PERCENT INCREASE IN FIRST-HALF REVENUES

 FOUR CORNERS FINANCIAL CORPORATION REPORTS 28-PERCENT INCREASE
 IN FIRST-HALF REVENUES
 ROCHESTER, N.Y., Aug. 28 /PRNewswire/ -- Four Corners Financial Corporation (NASDAQ: FRCR) increased first-half revenues by 28 percent over 1991, Company President Frank B. Iacovangelo announced today. Four Corners, which provides title insurance, abstract services, and appraisals for real estate-related transactions, achieved revenue growth in nearly all segments of business.
 "We should see continued revenue increases in the third quarter," Iacovangelo said, "as expected improvements in the market continue to generate new business."
 As a result of the company's statewide expansion of its customer base, in conjunction with its improved capabilities to handle orders in all New York state counties, Four Corners saw gross revenues totaling $3,274,524 vs. $2,554,167 for the same period in 1991.
 Gross revenues for the second quarter 1992 increased to $1,850,825, up $173,174 or 10 percent over the same period in 1991. Fueled by a continued strong demand for home-equity loans and accelerated real estate activity because of lower interest rates, second-quarter revenues from abstract and appraisal services reached $1,393,450 vs. $1,160,205 for the same period in 1991. For the six-month period ended June 30, 1992, this segment of the company's revenues increased $731,040 to $2,466,460 or 42 percent over the six-month period ended June 30, 1991.
 Net income for the second quarter and first half of 1992 were $142,570 and $83,720 as compared to $288,550 and $153,680 for the same periods last year.
 In addition, the company's overall financial picture has shown a marked improvement as a result of debt consolidation. The ratio of current assets to current liabilities at June 30, 1992, was 1.28 to 1 versus .96 to 1 at Dec. 31, 1991.
 The outlook for the third quarter is positive as well. "We expect to see an upswing in third-quarter profits as a result of the financial realization of current business," Iacovangelo said.
 The company continues to explore new market areas and potential new products associated with the real estate industry and to improve its current services. The company this year upgraded its computer capabilities to handle an increasing order volume in a more efficient manner.
 Four Corners Financial Corporation is headquartered at 80 West Main Street, Rochester. The corporation and its subsidiaries also maintain branch offices in Buffalo, Geneseo, Syracuse, Utica, Binghamton, Goshen and Albany.
 -0- 8/28/92
 /CONTACT: Frank B. Iacovangelo, president, Four Corners Financial Corporation, 716-454-2263/
 (FRCR) CO: Four Corners Financial Corporation ST: New York IN: INS SU: ERN


ML-DH -- CL011 -- 4374 08/28/92 12:18 EDT
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Date:Aug 28, 1992
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