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NEW BURRITT CEO TO CONCENTRATE ON SERVING CENTRAL CONNECTICUT CUSTOMERS

NEW BURRITT CEO TO CONCENTRATE ON SERVING CENTRAL CONNECTICUT CUSTOMERS
 NEW BRITAIN, Conn., May 22 /PRNewswire/ -- The board of directors of Burritt InterFinancial Bancorporation (NASDAQ: BANQ) today announced the appointment of Patrick Wisman, a 22-year veteran of the banking industry with extensive experience at achieving turnarounds, as its new president and chief executive officer. Wisman, who has been serving Burritt in a consulting capacity since April, assumed his new responsibilities immediately following the board's appointment today.
 "After a thorough and exhaustive national search, we believe we have found precisely the right executive to lead Burritt through our current challenges. Patrick was an integral part of one of the largest turnarounds without government assistance in recent banking history while at Equimark Corporation in western Pennsylvania and is a superb manager of problem assets and loan workouts," said Harold Brodsky, acting Burritt board chairman.
 In late March, the Burritt board accepted the resignation of John C. Jaynes, who had served as president and CEO since 1982. At that time, the board appointed Timothy Nadeau, executive vice president of operations, to act as interim chief executive while the search process was carried out. Nadeau remains with Burritt and returns to his responsibility for operations.
 "I am very much looking forward to working with the board, the employees and the customers of Burritt. There is no question we have many problems to solve. I believe, however, that by focusing on providing top quality services to our customers, as well as aggressively managing troubled assets, we can begin, with the cooperation of the Connecticut economy, to work our way through them. Burritt retains the loyalty of thousands of individual customers in central Connecticut and our aim, as a team, will be to build on that loyalty toward regaining our strength as a financial institution," said Wisman when accepting the board's appointment.
 For the past six years, Wisman has served in various executive capacities with Equimark Corporation in Pittsburgh. Since 1989, he served as president and CEO of Equimark's Treasure Valley Bank in Boise, Idaho, which he returned to profitability. In addition, his leadership was instrumental in causing regulatory authorities to lift a cease and desist order from Treasure Valley.
 Prior to this assignment, Wisman was senior vice president of Equimark's Special Assets Group, a position in which he was responsible for the management of the institution's larger problem assets.
 From 1984 to 1986, Wisman was vice president and special assets manager of American National Bank in Bakersfield, Calif., where he was also instrumental in causing a cease and desist order to be lifted after he reduced bad loans by $30 million in just over one year.
 Since the early 1970s, Wisman has gained broad experience in managing lending operations for various banks and savings and loans in the western United States as well as in Ohio where he grew up. Wisman attended Ohio University and, along with his wife, is in the process of relocating here from the Pittsburgh area.
 Wisman's appointment by the Burritt board required the concurrence of both the Federal Deposit Insurance Corporation (FDIC) and Connecticut banking authorities. As was previously announced, Burritt has been operating under a cease and desist order issued in early April. During the ensuing weeks, Wisman, in his consulting capacity, has been working with regulatory authorities, meeting deadlines for submission of a management plan, as well as for other operational and financial strategies and procedures.
 "I am especially pleased at the cooperation and hard work on the part of Burritt's employees over the past several weeks in helping to get the foundation of our turnaround strategy put in place. With their ongoing commitment to quality and excellence, I believe Burritt can continue to make progress," Wisman said.
 Burritt InterFinancial Bancorporation is a state-chartered savings bank that was founded in 1889. The company serves New Britain, Conn., where it is headquartered, and several surrounding communities. Through 13 locations, Burritt serves as a financial intermediary, accepting deposits, originating loans and providing other financial services to individuals and businesses in its market area.
 -0- 5/22/92
 /CONTACT: Barbara J. Bennett of Burritt, 203-225-7601/
 (BANQ) CO: Burritt InterFinancial Bancorporation ST: Connecticut IN: FIN SU: PER


GK-OS -- NY001 -- 3174 05/22/92 09:02 EDT
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Publication:PR Newswire
Date:May 22, 1992
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