POLIFLY FINANCIAL CORPORATION ANNOUNCED A LOSS
POLIFLY FINANCIAL CORPORATION ANNOUNCED A LOSS NEW MILFORD, N.J., Feb. 19 /PRNewswire/ -- Polifly Financial
Corporation, the holding company for Polifly Savings and Loan Association today announced a loss of $5,760,000 or $2.64 per share for the quarter ended Dec. 31, 1991. This compares to a $500,000 or 23 cents per share loss for the same period of 1990. The loss for Dec. 31, 1991, includes an addition to the provision for loan loss and real estate of $6.5 million during the quarter ended Dec. 31, 1991. As previously reported by the corporation, the Association does not meet its capital requirements and is therefore subject to supervisory action by the OTS. Additionally, Polifly is required to file an amendment to its Regulatory Capital Plan and entered into a Supervisory Agreement with the OTS on Jan. 22, 1992. The amended Regulatory Capital Plan will include the anticipated positive effects on the financial condition of the corporation resulting in the recently announced and soon to be consummated settlement of the lawsuit filed by the corporation against a former director of the corporation. It will also include the positive financial effect on the corporation resulting from the termination of the corporation's ESOP Plan in June, 1991, as well as the additional loan loss reserves stated above.
Joseph S. Paparatto, president and chairman of Polifly Financial Corporation stated that the revised Capital Plan will be developed and submitted to the Office of Thrift Supervision in mid March 1992. The revised Capital Plan is expected to focus on ways to resolve the Association's portfolio of troubled real estate loans and real estate owned which have adversely affected the association for the past two years. -0- 2/19/92 /CONTACT: Joseph S. Paparatto, president and CEO of Polifly Financial, 201-261-6900/ (PFLY) CO: Polifly Financial Corporation ST: New Jersey IN: FIN SU: ERN AH-SM -- NY083 -- 0671 02/19/92 17:23 EST
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|Date:||Feb 19, 1992|
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