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GRANT STREET NATIONAL BANK ISSUES ANNOUNCEMENT

 GRANT STREET NATIONAL BANK ISSUES ANNOUNCEMENT
 PITTSBURGH, Jan. 29 /PRNewswire/ -- Grant Street National Bank (in liquidation) announced today that the retirement of all outstanding shares of senior preferred stock reported yesterday, as well as the redemption of all previously issued Class A-1 and Class A-2 Notes, which occurred on May 1, 1989, and Nov. 1, 1990, respectively, has vested in each member of the bank's board of directors the right to exchange up to 40 percent of shares of junior preferred stock held by each director for shares of common stock at a ratio of two shares of common stock for each share of junior preferred stock. As of this date, 3,428,000 shares of junior preferred stock are issued and outstanding; thus the aggregate number of shares of common stock which might be issued is 2,742,400.
 -0- 1/29/92
 /CONTACT: Robert L. Logan of Grant Street National Bank, 412-391-3769/ CO: Grant Street National Bank ST: Pennsylvania IN: FIN SU:


CD -- PG005 -- 4685 01/29/92 11:18 EST
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Publication:PR Newswire
Date:Jan 29, 1992
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