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RAILROADMEN'S ANNOUNCES RECORD EARNINGS $1 MILLION IMPROVEMENT OVER 1990 POSITION

 RAILROADMEN'S ANNOUNCES RECORD EARNINGS
 $1 MILLION IMPROVEMENT OVER 1990 POSITION
 INDIANAPOLIS, Jan. 24 /PRNewswire/ -- Railroadmen's Federal Savings and Loan Association of Indianapolis (NASDAQ: RRMN) today reported earnings of $4,375,000 or $2.54 per share for the year ended Dec. 31, 1991. This compares to $3,355,000 or $2.22 per share for 1990.
 For the fourth quarter of 1991, Railroadmen's posted earnings of $1,307,000 or $.72 per share compared to $1,057,000 or $.68 per share for the same period in 1990.
 Earlier this year Railroadmen's completed its merger with Archer Federal of Chicago. The transaction was accounted for as a pooling of interests, therefore, earnings comparisons assume the merger was effective at the beginning of the periods.
 "We have just experienced the best year in the history of our company," said J.R. Kocher, chairman of the board and chief executive officer of the 104-year-old thrift. "The prevailing interest rate environment was certainly beneficial to us, however, our success is also a result of our management's continued commitment to our basic strategy of collecting deposits and making single family mortgage loans."
 For the year, closed loans totalled $97.8 million, up from $75.2 million at the end of 1990. Approximately 32 percent of the association's mortgage loans are refinances. Of those refinances, about two thirds are refinances of customers' loans from other lending institutions.
 Railroadmen's performance has also been strong in other key areas. Assets have grown to $594 million, up from $512 million at the end of 1990. Shareholders' equity has improved by $6.8 million since last year and the association previously declared its third consecutive cash dividend payable Feb. 18, 1992. In addition, Railroadmen's capital levels continue to exceed all federal requirements.
 Railroadmen's operates 15 full service offices in the greater Indianapolis and Chicago areas.
 RAILROADMEN'S FEDERAL SAVINGS AND LOAN ASSOCIATION
 Dollars in Thousands Except Per Share Data
 Operating Highlights
 Three Months Ended Twelve Months Ended
 12/31/91 12/31/90 12/31/91 12/31/90
 Net income $ 1,307 $ 1,057 $ 4,375 $ 3,355
 Net income per
 common and common
 equivalent share(A) .72 .68 2.54 2.22
 Average outstanding
 shares 1,809 1,323 1,672 1,338
 Return on assets .71 .83 .82 .66
 Return on equity 16.65 17.26 15.14 14.41
 Balance Sheet Highlights
 As of 12/31/91 As of 12/31/90
 Total assets $593,716 $511,887
 Loans and mortgage-backed
 securities 542,231 463,220
 Deposits 409,437 413,650
 Shareholder's equity 31,940 25,061
 Book value per share 18.07 14.26
 Other Information
 Market closing price 14.75 7.25
 Number of offices 15 14
 Dividends per share (annualized) .30 N/A
 (A) Earnings per share information includes net income of the Association for all periods presented and of Archer Federal subsequent to their conversion from a mutual association to stock form on April 2, 1991. 1990 earnings per share do not include the earnings of the acquired thrift which converted on April 2, 1991.
 The acquisition of Archer Federal was accounted for as a pooling-of- interests, therefore, 1990 operating and balance sheet information assumes the merger conversion with Archer Federal was effective at the beginning of the periods.
 -0- 1/24/92
 /CONTACT: Kay Neidlinger of Railroadmen's, 317-630-0599, or 800-822-8280, toll free in Indiana only/
 (RRMN) CO: Railroadmen' Savings and Loan Association ST: Indiana IN: FIN SU: ERN


KK -- CL003 -- 3199 01/24/92 10:41 EST
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Date:Jan 24, 1992
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