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GRANT STREET NATIONAL BANK (IN LIQUIDATION) REPORTS RESULTS

 PITTSBURGH, Oct. 19 /PRNewswire/ -- Grant Street National Bank (in Liquidation) reported today that at Sept. 30, 1993, liquidating assets were $2.8 million.
 Cash and short-term investments were $27.6 million and shareholders' equity was $23.4 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
 Sept. 30, 1993 and Dec. 31, 1992
 (Dollar amounts in thousands)
 9/30/93 12/31/92
 (Unaudited) (Audited)
 Assets:
 Cash $ 179 $ 703
 Short-term investments, at cost which
 approximates market value 27,457 23,283
 Liquidating assets at estimated fair
 market value 2,832 3,563
 Other assets 115 600
 Total assets $ 30,583 $ 28,149
 Liabilities:
 Accrued income and other taxes $ 4,019 $ 2,721
 Payable to Collection Services Corporation 53 97
 Other liabilities and accrued expenses 3,115 3,142
 Total liabilities 7,187 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 (13,639) (14,846)
 Total shareholders' equity 23,396 22,189
 Total Liabilities and Shareholders'
 Equity $ 30,583 $ 28,149
 GRANT STREET NATIONAL BANK
 (in Liquidation)
 STATEMENT OF LIQUIDATING ACTIVITIES
 For the Period Ending Sept. 30, 1993
 (Dollar amounts in thousands)
 (Unaudited)
 Unaudited
 Q-T-D Y-T-D
 Liquidation activities:
 Net proceeds from collections on assets $ 702 $ 4,137
 Adjusted cost basis of loans collected and
 assets liquidated (629) (3,496)
 Collections in excess of adjusted cost basis 73 641
 Unrealized net gain on liquidating assets 1,049 2,765
 Direct expenses of loan and asset management
 and liquidations (13) (1,282)
 Collection Services Corporation management
 fees and expenses (138) (499)
 Net proceeds from liquidation activities 971 1,625
 Financing activities:
 Interest income earned on investments 223 657
 Administration and taxes:
 Administrative expenses (237) (762)
 Income and other tax expense (245) (313)
 Increase in net assets for the
 period allocable to shareholders' equity 712 1,207
 Accumulated change in net assets - beginning
 of period (14,351) (14,846)
 Accumulated change in net assets - end
 of period $(13,639) $(13,639)
 -0- 10/19/93
 /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

KC -- PG011 -- 3930 10/19/93 11:33 EDT
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Publication:PR Newswire
Date:Oct 19, 1993
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