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OLD KENT REPORTS 19TH CONSECUTIVE YEAR OF INCREASED EARNINGS

 OLD KENT REPORTS 19TH CONSECUTIVE YEAR OF INCREASED EARNINGS
 GRAND RAPIDS, Mich., Jan. 16 /PRNewswire/ -- Old Kent Financial Corporation (NASDAQ-NMS: OKEN) reported another quarterly earnings record for the three months ended Dec. 31 -- a strong finish for 1991, the company's 19th consecutive year of increased earnings and dividends. During December, the quarterly dividend was increased by 6.9 percent to $.31 per share.
 Net income of $93.0 million for the year ended Dec. 31, 1991, represents a 6.3-percent increase over the $87.5 million earned in 1990. Fully diluted income per share was $3.32 for 1991, an increase of 6.4 percent over the $3.12 per share for 1990.
 The return on average assets was 1.11 percent for 1991 compared to 1.10 percent for 1990. During the same period, the return on average total equity was 14.57 percent compared to 14.93 percent. The lower return on equity is largely due to growth in shareholders' equity of over 10 percent from year to year. The ratio of tangible equity to assets increased to 7.06 percent from 6.80 percent a year ago. These ratios compare favorably to the regulatory minimum guideline of 3 percent.
 John C. Canepa, chairman, president and CEO, commented, "Our 1991 results are especially gratifying given the slow economy and the challenges facing the banking industry in general."
 Fully diluted net income per share was $.85 for the fourth quarter, a 14.9-percent increase over the $.74 earned in the fourth quarter of 1990. Net income for the fourth quarter of 1991 was $23.8 million, an increase of 15.8 percent over the $20.6 million earned in the same period in 1990.
 The return on average assets was 1.09 percent for the fourth quarter of 1991, up from 1.02 percent in that quarter of 1990. The return on average equity was 14.39 percent in comparison to 13.75 percent for the fourth quarter of 1990.
 Canepa concluded, "We are confident that those best positioned to seize profitable opportunities in the future will be banking organizations like Old Kent -- strongly capitalized, with a consistent earnings record and committed to sound banking practices."
 Old Kent Financial Corporation is a bank holding company headquartered in Grand Rapids with 18 affiliate banks and 204 banking offices located in Michigan and Illinois. Old Kent reported total assets of $8.8 billion at Dec. 31, 1991.
 OLD KENT FINANCIAL CORPORATION
 Percentage
 Earnings Summary: 1991 1990 Change
 Quarter ended Dec. 31
 Net income $23,829,000 $20,578,000 15.8
 Earnings per share:
 Primary $.88 $.77 14.3
 Fully diluted $.85 $.74 14.9
 Year ended Dec. 31
 Net income $92,981,000 $87,476,000 6.3
 Earnings per share:
 Primary $3.47 $3.29 5.5
 Fully diluted $3.32 $3.12 6.4
 Balance Sheet Data at Dec. 31:
 Loans $5,111,369,000 $5,317,998,000 (3.9)
 Deposits 7,313,979,000 6,960,865,000 5.1
 Assets 8,826,139,000 8,205,041,000 7.6
 Shareholders' equity 672,710,000 607,636,000 10.7
 -0- 1/16/92
 /CONTACT: Richard W. Wroten, chief financial officer, Old Kent Financial Corporation, 616-771-5808/
 (OKEN) CO: Old Kent Financial Corporation ST: Michigan IN: FIN SU: ERN


JG-ML -- DE024 -- 0741 01/16/92 17:12 EST
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Publication:PR Newswire
Date:Jan 16, 1992
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