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MULTIBANK FINANCIAL CORP. REPORTS QUARTERLY FINANCIAL RESULTS

 MULTIBANK FINANCIAL CORP. REPORTS QUARTERLY FINANCIAL RESULTS
 DEDHAM, Mass., July 15 /PRNewswire/ -- Multibank Financial Corp. (NASDAQ: MLTF) reported today net income of $934,000 for the second quarter of 1992, or 10 cents per share, compared with a net loss of $7,298,000, or 80 cents per share, during the second quarter of 1991. For the first six months of the year, Multibank showed a net profit of $1,843,000, or 20 cents per share, compared to a net loss of $12,561,000, or $1.37 per share, in the first half of last year.
 The company's improved financial results reflect lower levels of nonperforming assets and a lessened need for additions to the company's allowance for possible credit losses.
 At quarter-end, nonperforming assets were $167,173,000, down from $188,861,000 at June 30, 1991. The allowance for possible credit losses at June 30, 1992, was $57,698,000, or 57.2 percent of nonperforming loans, compared to $63,783,000, or 45.5 percent of nonperforming loans a year ago.
 Commenting on the company's performance, Chairman and Chief Executive Officer David B. Lynch said, "We have achieved profitability for the last three quarters, and we are hopeful of continued improvement for the balance of the year."
 Multibank Financial Corp. is a registered bank holding company with five Massachusetts banks. The company's stock is traded on the over- the-counter market and is listed and quoted through NASDAQ National Market System (NMS) under the symbol MLTF.
 Multibank Financial Corp.
 (unaudited)
 (dollars in thousands, except per share amounts)
 Six Months Ended Three Months Ended
 6/30/92 6/30/91 6/30/92 6/30/91
 Total operating
 income $114,001 $139,237 $56,943 $67,841
 Net interest income 51,325 51,096 25,939 25,520
 Net income 1,843 (12,561) 934 (7,298)
 Return on average
 assets .15 pct (.91 pct) .15 pct (1.06 pct)
 Return on average
 stockholders'
 equity 2.29 pct (14.80 pct) 2.31 pct (17.39 pct)
 Daily average balances:
 Assets $2,537,674 $2,790,784 $2,509,634 $2,764,729
 Deposits 2,214,860 2,433,704 2,204,502 2,400,221
 Loans and lease 1,660,386 1,976,641 1,639,224 1,943,916
 Investment
 securities 560,872 510,756 552,356 506,308
 Stockholders'
 equity 162,139 171,143 162,475 168,353
 Average shares
 outstanding 9,171,245 9,167,006 9,173,978 9,167,006
 Per share data:
 Net income 20 cents ($1.37) 10 cents (80 cents)
 Book value $17.89 $17.88
 Market value $15.00 $5.88
 -0- 7/15/92
 /CONTACT: Peter F. Russo of Multibank, 617-461-5590/
 (MLTF) CO: Multibank Financial Corp. ST: Massachusetts IN: FIN SU: ERN


CH -- NE015 -- 9640 07/15/92 14:38 EDT
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Date:Jul 15, 1992
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