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GRANT STREET NATIONAL BANK (IN LIQUIDATION) REPORTS RESULTS

 PITTSBURGH, July 29 /PRNewswire/ -- Grant Street National Bank (in Liquidation) reported today that at June 30, 1993, liquidating assets had been reduced to $2.4 million. Cash and short-term investments were $26.7 million and shareholders' equity was $22.7 million on that date.
 Grant Street said that a decision is still being awaited on the appeal of a large judgment against the bank in a 1991 Colorado lawsuit.
 GRANT STREET NATIONAL BANK
 (in Liquidation)
 STATEMENTS OF ASSETS, LIABILITIES AND SHAREHOLDERS' EQUITY
 June 30, 1993 and December 31, 1992
 (Dollar amounts in thousands)
 6/30/93 12/31/92
 (Unaudited) (Audited)
 Assets:
 Cash $ 213 $ 703
 Short-term investments, at cost
 which approximates market value 26,444 23,283
 Liquidating assets at estimated fair
 market value 2,412 3,563
 Other assets 525 600
 Total assets $ 29,594 $ 28,149
 Liabilities:
 Accrued income and other taxes $ 3,775 $ 2,721
 Payable to Collection Services
 Corporation 35 97
 Other liabilities and accrued expenses 3,100 3,142
 Total liabilities 6,910 5,960
 Shareholders' Equity:
 Junior Preferred Stock, at estimated
 liquidation value, 2,056,800 shares
 issued and outstanding -- --
 Common stock, $.01 par value, 31,608,427
 shares issued and outstanding 316 316
 Additional paid-in capital 36,719 36,719
 Accumulated change in net assets (14,351) (14,846)
 Total shareholders' equity 22,684 22,189
 Total Liabilities and Shareholders'
 Equity $ 29,594 $ 28,149
 GRANT STREET NATIONAL BANK
 (in Liquidation)
 STATEMENT OF LIQUIDATING ACTIVITIES
 For the Period Ending June 30, 1993
 (Dollar amounts in thousands)
 (Unaudited)
 Three Six
 Months Months
 Ended Ended
 Liquidation activities:
 Net proceeds from collections
 on assets $ 1,808 $ 3,435
 Adjusted cost basis of loans
 collected and assets liquidated (1,519) (2,867)
 Collections in excess of adjusted
 cost basis 289 568
 Unrealized net gain on liquidating
 assets 891 1,716
 Direct expenses of loan and asset
 management and liquidations (611) (1,269)
 Collection Services Corporation
 management fees and expenses (155) (361)
 Net proceeds from liquidation activities 414 654
 Financing activities:
 Interest income earned on investments 218 434
 Administration and taxes:
 Administrative expenses (276) (525)
 Income and other tax benefit/(expense) 13 (68)
 Increase in net assets for the
 period allocable to shareholders' equity 369 495
 Accumulated change in net assets -
 beginning of period (14,720) (14,846)
 Accumulated change in net assets -
 end of period $(14,351) $(14,351)
 -0-
 /CONTACT: Robert L. Logan of Grant Street National, 412-391-3769/


CO: Grant Street National Bank (in Liquidation) ST: Pennsylvania IN: FIN SU: ERN

KC -- PG008 -- 7306 07/29/93 14:39 EDT
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Publication:PR Newswire
Date:Jul 29, 1993
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