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GRANT STREET NATIONAL BANK (IN LIQUIDATION) REPORTS RESULTS

 GRANT STREET NATIONAL BANK (IN LIQUIDATION) REPORTS RESULTS
 PITTSBURGH, Jan. 28 /PRNewswire/ -- Grant Street National Bank (in Liquidation) reported today that collections on assets during the three months ended Dec. 31 were $8.1 million, an amount about $2.2 million in excess of the adjusted cost basis of the assets liquidated.
 Unrealized net losses of $4.4 million were recorded during the quarter reflecting lower prevailing real estate prices. After giving effect to expenses, taxes and dividends accrued on the Senior Preferred Stock, net assets allocable to shareholder's equity declined $3.0 million in the quarter. At Dec. 31, shareholder's equity was $22.5 million.
 William B. Eagleson, Jr., chairman, president and chief executive officer, said that liquidation of a large commercial property late in January has permitted Grant Street to retire the remaining outstanding shares of Senior Preferred Stock. Eagleson said that the fair market value of assets remaining to be liquidated will approximate $15 million at Jan. 31.
 GRANT STREET NATIONAL BANK
 (In Liquidation)
 STATEMENTS OF ASSETS, LIABILITIES, REDEEMABLE
 SENIOR PREFERRED STOCK AND SHAREHOLDERS' EQUITY
 (Dollar amounts in thousands)
 December 31,
 1991 1990
 Assets:
 Cash $ 3,210 $ 286
 Short-term investments,
 at cost which approximates
 market value 5,100 5,090
 Liquidating assets at estimated
 fair market value 22,954 53,425
 Income tax benefit 2,625 --
 Other assets 1,489 2,229
 Total assets 35,378 61,030
 Liabilities and Redeemable
 Senior Preferred Stock:
 Accrued income and other taxes -- 2,558
 Payable to Collection
 Services Corporation 814 261
 Other liabilities and accrued
 expenses 3,327 3,637
 Total liabilities 4,141 6,456
 Redeemable Senior Preferred
 Stock, $10 par value, $100
 liquidation preference per
 share, 85,297 and 235,330 shares
 issued and outstanding plus
 accrued dividends 8,776 24,200
 Shareholders' Equity:
 Junior Preferred Stock, $.76 par
 value, $.35 liquidation
 preference per share, 3,428,000
 shares issued and outstanding 2,605 2,605
 Common stock, $.01 par value,
 28,866,027 shares issued and
 outstanding 289 289
 Additional paid-in capital 34,861 34,861
 Accumulated decrease in net
 assets (15,294) (7,381)
 Total shareholders' equity 22,461 30,374
 Total Liabilities, Redeemable
 Senior Preferred Stock and
 Shareholders' Equity $ 35,378 $61,030
 GRANT STREET NATIONAL BANK
 (In Liquidation)
 STATEMENT OF LIQUIDATING ACTIVITIES
 For the Period Ending December 31, l991
 (Dollar amounts in thousands)
 Quarter Year
 To To
 Date Date
 (Unaudited)
 Liquidation activities:
 Net proceeds from collections
 on assets $ 8,088 $ 30,766
 Adjusted cost basis of loans
 collected and assets liquidated (5,896) (29,359)
 Collections in excess of adjusted
 cost basis 2,192 1,407
 Unrealized net loss on
 liquidating assets (4,363) (1,112)
 Direct expenses of loan and asset
 management and liquidations (212) (2,464)
 Collection Services Corporation
 management fees and expenses (647) (2,548)
 Net cost of liquidation activities (3,030) (4,717)
 Financing activities:
 Interest income earned on investments 170 619
 Administration and taxes:
 Administrative expenses (443) (1,966)
 Income and other tax benefit 1,082 1,944
 Decrease in net assets for
 the period (2,221) (4,120)
 Senior preferred dividends (804) (3,793)
 Decrease in net assets for the
 period allocable to
 shareholders' equity (3,025) (7,913)
 Accumulated change in net assets
 - beginning of period (12,269) (7,381)
 Accumulated change in net assets
 - end of period (15,294) (15,294)
 -0-
 /CONTACT: Robert L. Logan of Grant Street National Bank, 412-391-3769/ CO: Grant Street National Bank (in Liquidation) ST: Pennsylvania IN: FIN SU: ERN


PT -- PG009 -- 4317 01/28/92 14:34 EST
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Date:Jan 28, 1992
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