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FOUR CORNERS FINANCIAL CORPORATION REPORTS TENFOLD INCREASE IN PROFITS FOR 1991

 FOUR CORNERS FINANCIAL CORPORATION
 REPORTS TENFOLD INCREASE IN PROFITS FOR 1991
 ROCHESTER, N.Y., April 10 /PRNewswire/ -- Four Corners Financial Corporation (NASDAQ: FRCR) posted a net profit for 1991 of $288,306, a more than tenfold increase over the previous year's earnings of $26,341, the company's 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 all segments of business.
 Combined revenues increased to $5,505,403 in 1991 reflecting a compound annual growth rate of 25.75 percent over 1990 revenues of $4,256,621 and 1989 revenues of $3,481,317. Sales of title searches and appraisal services were particularly strong, increasing to $3,635,825 from $2,693,680 in 1990.
 "Given the recessionary nature of last year's real estate business, we consider these results to be extraordinary," Iacovangelo said. "We credit them to our tenacity in pursuing gains in market share."
 The company expects even better results for 1992. "There is clear evidence in this first quarter of 1992 that overall volume of real estate transactions in our markets in increasing," Iacovangelo said. "Our 1991 efforts in expanding both our service capabilities and our geographic reach should bear fruit as real estate activity heightens."
 Although Iacovangelo characterized 1991 as a year in which the primary emphasis was on improved efficiencies and productivity, he also pointed to specific actions that helped propel the company's sales. Four Corners expanded its service into the Mid-Hudson, Hudson Valley and Long Island regions of New York State, providing them access to new market. With the acquisition of Proper Appraisal Specialists, Inc. a Buffalo-based concern specializing in commercial and industrial appraisals, Four Corners can offer those services to its statewide customer base.
 Four Corners employed 127 people at the end of 1991, compared to 101 at the end of the previous year. "Our order volume increased by 200 percent in 1991," Iacovangelo said. "As that trend has continued in the first quarter, we have increased out staff to 142 people."
 Four Corners Financial Corporation is headquartered at 80 West Main St., Rochester, N.Y. The corporation and its subsidiaries maintain branch offices in Albany, Syracuse, Utica, Binghamton, Buffalo, Cheektowaga, Lockport and Geneseo.
 -0- 4/10/92
 /CONTACT: Frank B. Iacovangelo, president of Four Corners Financial Corp., 716-454-2263/
 (FRCR) CO: Four Corners Financial Corporation ST: New York IN: FIN INS SU:


LC -- CL013 -- 7384 04/10/92 16:49 EDT
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Publication:PR Newswire
Date:Apr 10, 1992
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