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GLENDALE BANCORPORATION ANNOUNCES 1993 SECOND QUARTER RESULTS

 VOORHEES, N.J., July 30 /PRNewswire/ -- Glendale Bancorporation (NASDAQ: GNBC), today reported a net loss of $68,000 or $.05 per share for the first six months of 1993.
 The provision to the loan loss reserve for the six month period totalled $1,395,000 as compared with the provision of $665,000 for the six months ended June 30, 1992. This reflects an increased provision to the loan loss reserve of $730,000 for the six months ended June 30, 1993, as compared with June 30, 1992.
 The corporation reported a net loss of $206,000 or $.12 per share for the quarter ended June 30, 1993, compared with net income of $371,000 or $.20 per share for the same period in 1992. A higher provision to the loan loss reserve caused the net loss for the second quarter of 1993. The provision for the second quarter of 1993 was $960,000 as compared with a provision of $335,000 for the second quarter of 1992 or an increased provision of $625,000.
 Glendale Bancorporation, the parent company of Glendale National Bank of New Jersey and Glendale Bank of Pennsylvania, reported total consolidated assets of approximately $244 million as of June 30, 1993.
 /delval/
 -0- 7/30/93
 /CONTACT: Joseph J. Zullo, vice president and chief accounting officer of Glendale Bancorporation, 609-627-0300/
 (GNBC)


CO: Glendale Bancorporation ST: New Jersey IN: FIN SU: ERN

MJ-SF -- PH041 -- 7908 07/30/93 16:24 EDT
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Publication:PR Newswire
Date:Jul 30, 1993
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