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LINCOLN SAVINGS BANK RECEIVES CAPITAL INFUSION

 NEW YORK, Jan. 20 /PRNewswire/ -- The Lincoln Savings Bank, FSB (NASDAQ-NMS: LNSB), announced today that it had received a capital infusion of $15 million from a subsidiary of its Canadian parent, Unicorp Energy Corporation, in exchange for issuance by the Bank of a series of convertible preferred stock. In addition, the Bank also has received $15 million in the form of a senior note which will be reduced in exchange for shares of a second series of non-convertible preferred stock of the Bank if certain capital targets are not met. Both series of preferred stock, when issued, will qualify as capital for regulatory purposes.
 At the same time, the Office of Thrift Supervision has approved a capital restoration plan for Lincoln which is designed to bring the Bank into compliance with all applicable capital requirements by Dec. 31, 1994.
 As part of the agreement approved by the Office of Thrift Supervision regarding the capital infusion and capital restoration plan approval, all of Lincoln's capital stock will be placed into a trust. The trust will be independent of the Bank's stockholders. The management of the affairs of the Bank will continue to rest in its board of directors.
 The Lincoln Savings Bank, FSB, with $2.3 billion in assets, operates 15 branches in the metropolitan area.
 -0- 1/20/93
 /CONTACT: Thomas V. Ogletree, 212-557-3148, for Lincoln/
 (LNSB)


CO: Lincoln Savings Bank, FSB ST: New York IN: FIN SU:

SH-GK -- NY059 -- 6979 01/20/93 14:33 EST
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Publication:PR Newswire
Date:Jan 20, 1993
Words:247
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