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INTEGRA TAKES WRITEDOWN ON PITTSBURGH BANKING HEADQUARTERS

 PITTSBURGH, Oct. 1 /PRNewswire/ -- Integra Financial Corporation (NYSE: ITG) today announced that it expects to take a one-time charge of approximately $14 million in the third quarter to reflect a writedown of the value of its headquarters banking facilities in downtown Pittsburgh.
 The real estate writedown is part of a comprehensive review of Integra's Pittsburgh real estate values and long-term facilities requirements.
 Integra reports that because of net securities gains and continued strong core earnings, it anticipates that the company's third quarter earnings will not materially differ from analysts' estimates.
 The writedown is being taken to reflect the fair market value of Integra's 75-year-old headquarters complex in downtown Pittsburgh. Integra is continuing to develop a comprehensive facilities plan which reflects the increased size of the organization and the need for a more efficient work environment. Earlier this year Integra relocated 600 operations and mortgage banking positions into renovated space in Allegheny Center. Management is now in the process of evaluating its downtown Pittsburgh facilities requirements.
 Integra, with assets of $13.9 billion, is the third largest bank holding company in western Pennsylvania and the fifth largest in Pennsylvania. Integra operates Integra Bank/South, Integra Bank/Pittsburgh and Integra Bank/North, with more than 250 offices throughout 22 counties in western Pennsylvania. Major affiliates include Integra Trust Company, Integra Investment Company and Integra Mortgage Company.
 /delval/
 -0- 10/1/93
 /CONTACT: William S. Eiler, public relations manager of Integra Financial, 412-644-8073, or at home, 412-921-7620/
 (ITG)


CO: Integra Financial Corporation ST: Pennsylvania IN: FIN SU:

DM-MP -- PG001 -- 7631 10/01/93 08:01 EDT
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Publication:PR Newswire
Date:Oct 1, 1993
Words:263
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