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KEYSTONE HERITAGE GROUP, INC. REPORTS EARNINGS, DECLARES REGULAR QUARTERLY CASH DIVIDEND

 KEYSTONE HERITAGE GROUP, INC. REPORTS EARNINGS,
 DECLARES REGULAR QUARTERLY CASH DIVIDEND
 LEBANON, Pa., Oct. 23 /PRNewswire/ -- Keystone Heritage Group, Inc. (NASDAQ: KHGI) today reported net income for the nine months ended Sept. 30, 1992, of $4.0 million or $1.66 per share, an increase of 29 percent compared to the net income of $3.1 million or $1.29 per share for the same period of 1991.
 Return on average stockholders' equity for the nine months ended Sept. 30, 1992, was 12.03 percent and return on average assets was 1.00 percent.
 Net income for the quarter ended Sept. 30, 1992. was $1.264 million or $.52 per share compared to $1.361 million or $.56 per share for the same period of 1991.
 "Our earnings performance during the third quarter was very positive despite the continued sluggishness in the economy," said Albert B. Murry, president and chief executive officer. "The weakness in the local economy has resulted in sluggish loan demand and has restricted the growth in the company's assets during 1992." Total assets at Sept. 30, 1992, were $536 million compared to $539 million at Sept. 30, 1991.
 The board of directors of Keystone Heritage Group, Inc., on Oct. 13, 1992, declared a regular quarterly cash dividend of $.26 per share payable on Nov. 10, 1992, to stockholders of record on Oct. 30.
 Keystone Heritage Group, Inc. is headquartered in Lebanon, and is the parent company of Lebanon Valley National Bank and Keystone Heritage Life Insurance Company.
 KEYSTONE HERITAGE GROUP, INC.
 (Dollars in thousands, except per share data)
 Periods ended Quarter Nine months
 Sept. 30 1992 1991 1992 1991
 Net interest income $ 5,405 $ 5,240 $16,176 $15,424
 Provision for loan losses 900 700 2,500 3,297
 Net interest income after
 provision for loan losses 4,505 4,540 13,676 12,127
 Other operating income 987 870 3,108 2,707
 Other operating expense 3,713 3,461 11,148 10,657
 Income before income taxes 1,779 1,949 5,636 4,177
 Provision for income taxes 515 588 1,605 1,057
 Net income 1,264 1,361 4,031 3,120
 Net income per share $.52 $.56 $1.66 $1.29
 Average shares
 outstanding 2,427,282 2,421,009 2,426,540 2,418,507
 At Sept. 30 1992 1991
 Assets $535,534 $539,175
 Deposits 458,846 469,644
 Loans 376,378 383,459
 Stockholders' equity 46,113 43,315
 Book value per common share $19.00 $17.85
 /delval/
 -0- 10/23/92
 /CONTACT: Kurt A. Phillips, senior vp of Keystone Heritage Group, 717-274-6800/
 (KHGI) CO: Keystone Heritage Group, Inc. ST: Pennsylvania IN: FIN SU: ERN DIV


JS -- PH049 -- 4325 10/23/92 16:32 EDT
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Date:Oct 23, 1992
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