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RAILROADMEN'S POSTS RECORD EARNINGS; 68 PERCENT INCREASE OVER SAME QUARTER LAST YEAR

 RAILROADMEN'S POSTS RECORD EARNINGS;
 68 PERCENT INCREASE OVER SAME QUARTER LAST YEAR
 INDIANAPOLIS, July 15 /PRNewswire/ -- Railroadmen's Federal Savings and Loan Association of Indianapolis (NASDAQ: RRMN) today reported earnings of $1,546,325 or $.77 per share for the quarter ended June 30, 1992. This compares to $918,467 or $.47 for the same quarter in 1991.
 For the six months just ended, the Association posted earnings of $3,215,188 or $1.60 per share, compared to $1,819,661 or $1.00 per share for the first half of 1991.
 "It is a pleasure to announce such exciting results," said J.R. Kocher, chairman of the board and chief executive officer. "These earnings are the result of the low interest rate environment we have experienced and the efforts of our staff and management. Deposit and borrowing costs are still down and our mortgage loan originations continue to be at record-setting levels."
 $129.8 million in mortgage loans have been closed by Railroadmen's in the first half of 1992. This compares to $43.7 million in the first half of 1991 and $102.9 million in all of last year. Kocher said, "There are still many homeowners who are taking advantage of low interest rates to refinance their homes. In addition, this time of year typically brings us an increase in purchase and construction loans."
 Railroadmen's has been successful in attracting and retaining customers with both traditional savings accounts and the various annuity and securities products offered by its subsidiary, 21 Service Corporation. Deposits remain steady at more than $400 million. "Our earnings level has also allowed us to keep our capital ratio constant while we experience asset growth," Kocher noted. Railroadmen's assets are $647.3 million - up nine percent from the end of 1991 when they stood at $593.7 million. The Association also exceeds all Federal capital regulations. Railroadmen's notable achievements in other key areas include an increase in shareholders' equity from $31.9 million at Dec. 31, 1991 to $35.01 million at June 30, 1992 and an increase in book value per share of $1.56 since the end of 1991 to $17.99 per share. Return on equity was 18.02 percent for the quarter just ended, compared to 12.90 percent for the same quarter last year.
 The utilization of net operating loss carryforwards (NOLs) in previous years resulted in tax savings for the Association. During the June 30, 1992 quarter, the last of Railroadmen's NOLs were utilized. Earnings for this quarter are reported at the fully taxed rate and compared to periods in 1991 when the NOLs were in effect. Kocher remarked, "We planned carefully for this event, and even without the benefit of NOLs, we were able to experience a significant improvement in our earnings."
 During the quarter just ended, Railroadmen's board of directors recognized the Association's strong financial performance by declaring a ten percent stock dividend. As a result, the number of outstanding shares has grown to 1,947,657. The board also declared the company's fifth consecutive quarterly cash dividend in the amount of $.075 which will be paid to shareholders next month.
 Railroadmen's operates 15 full service offices in Greater Indianapolis and Chicago.
 RAILROADMEN'S FINANCIAL HIGHLIGHTS
 June 30, 1992
 Dollars in Thousands Except Per Share Data
 OPERATING HIGHLIGHTS
 Three Months Ended Six Months Ended
 6/30/92 6/30/91 6/30/92 6/30/91
 Net income before
 benefit of NOLs $1,535 $ 608 $2,729 $ 1,255
 Net income after
 benefit of NOLs 1,546 918 3,215 1,820
 Net income per
 common and common
 equivalent share
 before benefit of NOLs (B) .76 .31 1.36 .66
 Net income per
 common and common
 equivalent share
 after benefit of NOLs (B) .77 .47 1.60 1.00
 Average outstanding 2,019 1,946 2,008 1,700
 shares (common and
 common equivalent) (A)
 Return on assets .98 .71 1.04 .70
 Return on equity 18.02 12.90 19.21 13.49
 BALANCE SHEET HIGHLIGHTS
 As of 6/30/92 As of 12/31/91
 Total assets $ 647,364 $ 593,716
 Loans and mortgage-
 backed securities 591,226 542,832
 Deposits 404,353 409,437
 Shareholders' equity 35,046 31,940
 Book value per share (A) 17.99 16.43
 OTHER INFORMATION
 Market closing price (A) $ 20.00 $ 9.55
 Dividends per share .30 .30
 (annualized)
 Number of offices 15 15
 (A) -- Information presented has been adjusted to reflect a ten percent stock dividend payable on July 1, 1992.
 (B) -- In addition to its adjustment for the stock dividend, 1991 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.
 -0- 7/15/92
 /CONTACT: Kay Neidlinger of Railroadmen's Federal Savings and Loan Association of Indianapolis, 317-630-0599 or 800-822-8280 toll- free in Indiana/
 (RRMN) CO: Railroadmen's Federal Savings and Loan Association ST: Indiana IN: FIN SU: ERN


KK -- CL002 -- 9425 07/15/92 09:46 EDT
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Date:Jul 15, 1992
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