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RAILROADMEN'S ANNOUNCES EARNINGS INCREASE, UP OVER 32 PERCENT FROM SAME PERIOD LAST YEAR

 INDIANAPOLIS, April 15 /PRNewswire/ -- Railroadmen's Federal Savings and Loan Association (NASDAQ: RRMN) today announced earnings of $2,208,741 or $1.08 per share for the quarter ended March 31, 1993. This compares to $1,668,863 or $.84 for the same quarter last year, an increase of 32.3 percent.
 "Our core earnings continue to be strong. We're a bigger company than we were at the end of the first quarter of 1992," said J.R. Kocher, chairman of the board and chief executive officer, noting that the association had a $50 million increase in assets over the past year.
 These earnings represent a milestone for the 105-year-old thrift: it is the first time quarterly earnings have risen above the $2 million mark. Deposits remained steady at just over $400 million, and loan demand continued to be strong.
 In addition to its earnings performance, Railroadmen's had a strong quarterly showing in other areas. Return on equity was 22.6 percent, up from 20.5 percent for the same period last year and return on assets was 1.34 percent compared 1.11 percent at March 31, 1992. Shareholders' equity grew to $40.3 million with a book value of $20.48 per share, up from $38.3 million with a book value of $19.47 per share at Dec. 31, 1992.
 During the quarter, the association adopted Statements of Financial Accounting Standards No. 106 on post-retirement benefits other than pensions and No. 109 on income taxes. The cumulative effect of these changes totalled $316,000 and $93,000, respectively, and has been recorded as an increase to earnings in the first quarter of 1993 (a combined total of $.20 per share).
 Railroadmen's operates 15 full-service offices in the greater Indianapolis and Chicago areas.
 RAILROADMEN'S FINANCIAL HIGHLIGHTS
 (Dollars in Thousands Except Per Share Data)
 Three months
 ended March 31
 1993 1992
 Net income
 Income before extraordinary item
 and cumulative effect of
 accounting change $1,799 $1,193
 Extraordinary item -- 476
 Cumulative effect of
 accounting change 410 --
 Net income 2,209 1,669
 Net income per common and
 common equivalent share (A):
 Income before extraordinary item
 and cumulative effect of
 accounting change $0.88 $0.60
 Extraordinary item -- 0.24
 Cumulative effect of accounting
 change 0.20 --
 Net income 1.08 0.84
 Average outstanding shares
 (common and common equivalent) 2,047 1,999
 Return on assets (percent) 1.34 1.11
 Return on equity 22.6 20.5
 Balance Sheets Highlights
 3/31/93 12/31/92
 Total assets 659,507 660,942
 Loans and mortgage-backed
 securities 604,468 586,326
 Deposits 409,158 408,766
 Shareholders equity 40,342 38,314
 Book value per share 20.48 19.47
 Other Information
 Market closing price $23.00 $20.50
 Dividend per share
 (annualized) $ 0.40 $ 0.30
 Number of offices 15 15
 NOTE: (A) March 1992 data has been adjusted to reflect a 10 percent stock dividend paid in July 1992.
 -0- 4/15/93
 /CONTACT: Kay Neidlinger of Railroadmen's Federal Savings and Loan Association, 317-630-0599, or 800-822-8280, (toll-free in Indiana only)/
 (RRMN)


CO: Railroadmen's Federal Savings and Loan Association ST: Indiana IN: FIN SU: ERN

BM -- CL006 -- 6074 04/15/93 09:36 EDT
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Date:Apr 15, 1993
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