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OLD KENT ANNOUNCES QUARTERLY EARNINGS ARE UP 27 PERCENT

 OLD KENT ANNOUNCES QUARTERLY EARNINGS ARE UP 27 PERCENT
 GRAND RAPIDS, Mich., Oct. 15 /PRNewswire/ -- Old Kent Financial


Corporation (NASDAQ-NMS: OKEN) continued its record earnings pace, adding an excellent third quarter to an already solid first-half performance.
 After giving effect to the 3-for-2 stock split paid on Sept. 15, 1992, fully diluted net income per common share was $.71 for the third quarter of 1992, up 26.8 percent from the $.56 earned in 1991's third quarter. Net income for 1992's third quarter was $28.8 million, 22.5 percent better than the $23.5 million earned in last year's third quarter.
 John C. Canepa, chairman, president and chief executive officer, attributed the good results to strong interest margins and a resurgence of residential mortgage refinancing activity. Canepa added management was particularly gratified with third-quarter earnings in light of the continued weak economic climate.
 The return on average assets for the third quarter of 1992 was a milestone 1.32 percent in comparison to 1.13 percent for the year-ago quarter. The quarterly return on average equity was 16.62 percent, up substantially from the 14.51-percent return for 1991's third quarter.
 For the nine months ended Sept. 30, 1992, fully diluted net income per common share as $1.99, up 20.6 percent from the $1.65 earned in that period of 1991. Net income for the first nine months of 1992 was $81.7 million, 18.2 percent better than the $69.2 million earned in the same 1991 period. The return on assets for the first nine months of 1992 was 1.25 percent, up from the 1.12 percent reported for the year- ago period. The return on average equity for the nine months ended Sept. 30, 1992, was 16.17 percent, a significant improvement over the 14.63-percent return for the same 1991 period.
 Canepa also mentioned that on Sept. 27, 1992, Old Kent completed its acquisition of five banking offices in the Lansing, Mich., area and related deposits of $53 million from Great Lakes Bancorp, Inc.
 At Sept. 30, 1992, Old Kent Financial Corporation had assets of $8.7 billion and total equity of $706 million. Old Kent is a bank holding company headquartered in Grand Rapids, with 15 affiliate banks and 195 offices throughout Michigan, and one affiliate bank having 13 offices in Illinois.
 OLD KENT FINANCIAL CORPORATION
 EARNINGS SUMMARY:
 Percentage
 Quarter ended Sept. 30 1992 1991(a) Change
 Net income $28,815,000 $23,526,000 22.5
 Earnings per share:
 Primary $.71 $.58 22.4
 Fully diluted $.71 $.56 26.8
 Nine Months ended Sept. 30:
 Net income $81,720,000 $69,152,000 18.2
 Earnings per share:
 Primary $2.03 $1.72 18.0
 Fully diluted $1.99 $1.65 20.6
 BALANCE SHEET DATA AT SEPT. 30:
 Loans $4,904,237,000 $5,122,778,000 (4.3)
 Investment securities 3,145,240,000 2,704,158,000 16.3
 Deposits 7,310,685,000 7,312,458,000 ---
 Assets 8,732,968,000 8,785,888,000 (0.6)
 Shareholders' equity 706,306,000 656,448,000 7.6
 (a) Adjusted for a 3-for-2 stock split paid in September 1992.
 -0- 10/15/92
 /CONTACT: Richard W. Wroten, chief financial officer, Old Kent Financial, 616-771-5808/
 (OKEN) CO: Old Kent Financial Corporation ST: Michigan IN: FIN SU: ERN


SB-ML -- DE012 -- 0367 10/15/92 11:22 EDT
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Date:Oct 15, 1992
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