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GRANT STREET NATIONAL BANK (IN LIQUIDATION) REPORTS 1992 RESULTS

 PITTSBURGH, Jan. 26 /PRNewswire/ -- Grant Street National Bank (in Liquidation) reported today that at Dec. 31, 1992, assets remaining to be liquidated had been reduced to $3.6 million and that cash and short-term investments were $24.0 million. Shareholders' equity at year-end was $22.2 million.
 William B. Eagleson Jr., chairman, said that the assets remaining to be liquidated consisted largely of several real estate parcels, sales of which are scheduled to close before March 31, and a portfolio of notes all of which are current.
 GRANT STREET NATIONAL BANK
 (In Liquidation)
 STATEMENTS OF ASSETS, LIABILITIES, REDEEMABLE
 SENIOR PREFERRED STOCK AND SHAREHOLDERS' EQUITY
 (Dollar amounts in thousands)
 Dec. 31
 1992 1991
 Assets:
 Cash $ 703 $ 3,210
 Short-term investments, at cost which
 approximates market value 23,283 5,100
 Liquidating assets at estimated fair
 market value 3,563 22,954
 Income tax receivable -- 2,625
 Other assets 600 1,489
 Total assets $ 28,149 $ 35,378
 Liabilities and Redeemable
 Senior Preferred Stock:
 Accrued income and other taxes $ 2,721 $ --
 Payable to Collection Services Corporation 97 814
 Other liabilities and accrued expenses 3,142 3,327
 Total liabilities 5,960 4,141
 Redeemable Senior Preferred Stock,
 $10 par value, $100 liquidation
 preference per share, 0 and 85,297 shares
 issued and outstanding, respectively,
 plus accrued dividends -- 8,776
 Shareholders' Equity:
 Junior Preferred Stock, at estimated
 liquidation value and $.76 par value,
 respectively, 2,056,800 and 3,428,000
 shares issued and outstanding, respectively -- 2,605
 Common Stock, $.01 par value, 31,608,427
 and 28,866,027 shares issued and
 outstanding, respectively 316 289
 Additional paid-in capital 36,719 34,861
 Accumulated change in net assets (14,846) (15,294)
 Total shareholders' equity 22,189 22,461
 Total Liabilities, Redeemable Senior
 Preferred Stock and Shareholders'
 Equity $ 28,149 $ 35,378
 GRANT STREET NATIONAL BANK
 (In Liquidation)
 STATEMENT OF LIQUIDATING ACTIVITIES
 For the Period Ending Dec. 31, 1992
 (Dollar amounts in thousands)
 Quarter Year
 To To
 Date Date
 (Unaudited)
 Liquidation activities:
 Net proceeds from collections on assets $ 3,569 $ 24,094
 Adjusted cost basis of loans collected and
 assets liquidated (3,466) (22,281)
 Collections in excess of adjusted cost basis 103 1,813
 Unrealized net gain on liquidating assets 967 2,890
 Direct expenses of loan and asset management
 and liquidations (617) (1,764)
 Collection Services Corporation management
 fees and expenses (227) (1,702)
 Net proceeds from liquidation activities 226 1,237
 Financing activities:
 Interest income earned on investments 190 592
 Administration and taxes:
 Administrative expenses (348) (1,719)
 Income and other tax benefit 109 414
 Increase in net assets for the period 177 524
 Senior preferred dividends -- (76)
 Increase in net assets for the period
 allocable to shareholders' equity 177 448
 Accumulated change in net assets - beginning
 of period (15,023) (15,294)
 Accumulated change in net assets
 - end of period $(14,846) $(14,846)
 -0- 1/26/93
 /CONTACT: Robert L. Logan of Grant Street National Bank, 412-391-3769/


CO: Grant Street National Bank ST: Pennsylvania IN: FIN SU: ERN

CD -- PG009 -- 9114 01/26/93 13:25 EST
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Date:Jan 26, 1993
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