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OCC ENDS REGULATORY AGREEMENT WITH BANK SOUTH Improvement in the Bank's Performance Cited

 ATLANTA, March 1 /PRNewswire/ -- A formal agreement between Bank South (NASDAQ: BKSO) and the Office of the Comptroller of the Currency (OCC) has been rescinded due to improvement in the bank's operating performance, it was announced today.
 "This is another important milestone in our turnaround," said Patrick L. Flinn, chairman and chief executive officer of Bank South. "During 1992 we reduced non-performing assets by 50 percent, and we increased operating earnings in every consecutive quarter. Two weeks ago, our board of directors reinstated the quarterly dividend on our common stock. Now, we are closing the books on our formal agreement with the OCC."
 Flinn continued: "There is still work to be done to achieve our longer-term financial targets. There is no question that the end of the regulatory agreement is another tribute to all of the employees who are working extremely hard. We're leaving a chapter of our history behind and are looking toward the future of this unique Georgia-based franchise and its extraordinary potential."
 Under the agreement, signed in August of 1991 by the OCC and the Bank South board of directors, the bank was formally required to maintain a specified level of capital, develop and implement workout programs for problem loans, maintain an adequate allowance for loan losses, and implement a comprehensive three-year strategic plan.
 Bank South ended 1992 with net income of $28.3 million, compared to a loss of $55.2 million in 1991. Non-performing assets decreased during 1992 from $215.6 million to $107.4 million. Equity represented 7.29 percent of total assets at year-end, compared to 5.35 percent at the end of 1991.
 Bank South Corporation is a $4.5 billion, multi-bank holding company with 133 banking offices throughout Georgia and northwest Florida.
 -0- 3/1/93
 /CONTACT: Media: Bo Spalding, 404-529-4238, or Investors: Brent Lee, 404-529-4529, both of Bank South/
 (BKSO)


CO: Bank South Corporation; Office of the Comptroller of the Currency ST: Georgia IN: FIN SU:

BR-RA -- AT007 -- 1585 03/01/93 16:30 EST
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Publication:PR Newswire
Date:Mar 1, 1993
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