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GRANT STREET NATIONAL BANK (IN LIQUIDATION) REPORTS RESULTS

 GRANT STREET NATIONAL BANK (IN LIQUIDATION) REPORTS RESULTS
 PITTSBURGH, Oct. 22 /PRNewswire/ -- Grant Street National Bank (in liquidation) announced today that collection activities during the quarter ended Sept. 30 produced cash proceeds of $5.7 million, an amount which exceeded the adjusted cost basis of the assets liquidated by $.3 million. In addition, an unrealized net gain of $.3 million on remaining assets was recognized during the quarter. After operating expenses, net assets allocable to shareholders' equity declined $.5 million.
 At Sept. 30 shareholders' equity was $22 million.
 At Sept. 30 assets remaining to be liquidated were valued at $6.1 million.
 GRANT STREET NATIONAL BANK
 (In Liquidation)
 STATEMENTS OF ASSETS, LIABILITIES, REDEEMABLE
 SENIOR PREFERRED STOCK AND SHAREHOLDERS' EQUITY
 Sept. 30, 1992 and Dec. 31, 1991
 (Dollar amounts in thousands)
 9/30/92 12/31/91
 (Unaudited) (Audited)
 Assets:
 Cash $ 143 $ 3,210
 Short-term investments, at cost which
 approximates market value 21,639 5,100
 Liquidating assets at estimated fair
 market value 6,062 22,954
 Income tax receivable -- 2,625
 Other assets 434 1,489
 Total assets $ 28,278 $ 35,378
 Liabilities and Redeemable
 Senior Preferred Stock:
 Accrued income and other taxes $ 2,830 $ --
 Payable to Collection Services Corporation 383 814
 Other liabilities and accrued expenses 3,053 3,327
 Total liabilities 6,266 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 (15,023) (15,294)
 Total shareholders' equity 22,012 22,461
 Total Liabilities, Redeemable Senior
 Preferred Stock and Shareholders'
 Equity $ 28,278 $ 35,378
 GRANT STREET NATIONAL BANK
 (In Liquidation)
 STATEMENT OF LIQUIDATING ACTIVITIES
 For the Period Ending Sept. 30, 1992
 (Dollar amounts in thousands)
 (Unaudited)
 Three Nine
 Months Months
 Ended Ended
 Liquidation activities:
 Net proceeds from collections on assets $ 5,688 $ 20,525
 Adjusted cost basis of loans collected and
 assets liquidated (5,406) (18,672)
 Collections in excess of adjusted cost basis 282 1,853
 Unrealized net gain on liquidating assets 254 1,780
 Direct expenses of loan and asset management
 and liquidations (682) (1,147)
 Collection Services Corporation management
 fees and expenses (321) (1,475)
 Net (cost)/proceeds from liquidation
 activities (467) 1,011
 Financing activities:
 Interest income earned on investments 170 402
 Administration and taxes:
 Administrative expenses (407) (1,371)
 Income and other tax benefit 240 305
 (Decrease)/Increase in net assets for
 the period (464) 347
 Senior preferred dividends -- (76)
 (Decrease)/Increase in net assets for the
 period allocable to shareholders' equity (464) 271
 Accumulated change in net assets - beginning
 of period (14,559) (15,294)
 Accumulated change in net
 assets - end of period $(15,023) $(15,023)
 -0- 10/22/92
 /CONTACT: Robert L. Logan of Grant Street National Bank, 412-391-3769/ CO: Grant Street National Bank ST: Pennsylvania IN: FIN SU: ERN


CD -- PG008 -- 3454 10/22/92 10:45 EDT
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Date:Oct 22, 1992
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