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QUICK & REILLY EXPECTS EARNINGS TO BE UP 45 PERCENT; ANNOUNCES 5 PERCENT STOCK DIVIDEND AND ACQUISITION OF WEST COAST FIRM

 NEW YORK, May 25 /PRNewswire/ -- Leslie C. Quick, Jr., chairman and chief executive officer of The Quick & Reilly Group, Inc. (NYSE: BQR) said today that the Group's earnings for the current quarter are expected to be up 45 percent over the same period last year. Quick's comments were made in conjunction with his announcement of a 5 percent stock dividend and the acquisition of the discount brokerage business of Spear Rees & Co., the California-based brokerage firm, from its parent, Spear Financial Services (OTC: SFNS). The Group will complete the acquisition in June 1993.
 Acquisition strengthens Quick & Reilly's West Coast presence Commenting on the Spear Rees acquisition, Quick said that the acquired assets included 25,000 brokerage accounts and branch offices in six cities: Raleigh, N.C.; and La Jolla, Rancho Bernardo, Glendale, Fresno and San Francisco, California.
 "The addition of Spear Rees will continue to build Quick & Reilly's presence in the California market," said Quick. "It is also part of the group's strategy which seeks expansion through carefully targeted acquisitions, in tandem with internal growth. Last September, we announced plans to open 24 new offices within 18 months and we expect to meet that goal well ahead of schedule."
 Completion of the current acquisition will give Quick & Reilly 13 branch offices in California, and 90 nationwide.
 Quick & Reilly Group Announces 5 Percent Stock Dividend
 In a parallel announcement, The Quick & Reilly Group, Inc. also disclosed a 5 percent stock dividend on the company's common stock, payable July 15, 1993. Record date for the dividend will be June 14, 1993. "The 5 percent stock dividend will broaden the market for our stock," Quick noted.
 The Quick & Reilly Group, which posted record revenues and earnings for both fiscal 1992 and 1993, expects earnings to increase 45 percent for the quarter ending May 31, 1993 over the same period last year. The company expects strong revenue and earnings performance for fiscal 1994.
 "Quick & Reilly's record success reflects the strong investor interest in the equity and bond markets, which have captured a major portion of the assets coming out of low-yielding money funds and CDs," Quick noted. "Both our discount brokerage and clearing units are well- positioned in this environment, as is our NYSE specialist unit, which continues to be a strong performer."
 The Quick & Reilly Group, Inc., is the holding company for Quick & Reilly, Inc. (founded in 1974), the first member firm of the New York Stock Exchange to offer discounted commissions to individual investors. Quick & Reilly, Inc. is headquartered in New York, N.Y.
 The Quick & Reilly Group, Inc., is also the holding company for U.S. Clearing Corp. (founded in 1978), which provides clearance for brokerage and banking firms; and JJC Specialist Corp. (founded in 1982) which makes markets in the stocks of more than 120 NYSE listed companies.
 -0- 5/25/93
 /CONTACT: Leslie C. Quick III, Chief Operating Officer of Quick & Reilly Group, Inc., 212-747-4844; or Thomas C. Quick, President of Quick & Reilly, Inc., 212-747-4840/
 (BQR)


CO: Quick & Reilly Group, Inc. ST: New York IN: SU: ERP

SH -- NY080 -- 2241 05/25/93 14:25 EDT
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Publication:PR Newswire
Date:May 25, 1993
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