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MITSUI MANUFACTURERS BANK ANNOUNCES RESTRUCTURING, NEW CAPITAL INFUSION

 MITSUI MANUFACTURERS BANK ANNOUNCES
 RESTRUCTURING, NEW CAPITAL INFUSION
 LOS ANGELES, Jan. 9 /PRNewswire/ -- Mitsui Manufacturers Bank announced today a restructuring of its balance sheet and a recapitalization by its shareholder, The Mitsui Taiyo Kobe Bank, Ltd., of Tokyo. These moves followed the write down and spin-off of nonperforming loans and foreclosed real estate.
 "This largely clears the slate of problem assets," reported Jerry W. Johnston, president and chief operating officer, "most of them put on the books many years back. Freed from this burden, we look forward to a much brighter profit outlook in the years ahead." The write-down of assets to market value resulted in a significant charge to MMB's 1991 earnings.
 "With this corrective action we reported a loss of about $57 million for 1991," said Johnston. The restructuring included a $60 million capital infusion to MMB by Mitsui Taiyo Kobe Bank.
 "The new capital adds to our financial strength and makes it possible for us to proceed with our strategic plans for our long- term growth in the 1990's. Even before this infusion, however, we had already met the 1991 minimum capital levels prescribed by regulatory authorities," Johnston stated.
 Mitsui Manufacturers Bank, with assets of $1.2 billion, is the 12th largest bank in California. Through its 12 regional offices it serves chiefly mid-size business and professionals, including real estate financing for middle market clients. Its parent, Mitsui Taiyo Kobe Bank, Tokyo, is now the third largest commercial bank in the world.
 -0- 1/9/92
 /CONTACT: Jerry W. Johnston, president and COO, or Peter E. Lowe, executive VP and CFO, of Mitsui Manufacturers Bank, 213-489-6200/ CO: Mitsui Manufacturers Bank ST: California IN: FIN SU:


EH -- LA010 -- 8214 01/09/92 12:06 EST
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Publication:PR Newswire
Date:Jan 9, 1992
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