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RELIABLE FINANCIAL CORPORATION ENGAGES RYAN, BECK & COMPANY TO EXPLORE OPPORTUNITIES TO ENHANCE SHAREHOLDER VALUE

 BRIDGEVILLE, Pa., Aug. 27 /PRNewswire/ -- The board of directors of Reliable Financial Corporation (NASDAQ-NMS: RESB) announced today that it has resolved to explore all opportunities available to enhance shareholder value, including possible merger and acquisition at a value which is determined by the board to be fair, from a financial standpoint, to the shareholders.
 In furtherance of this objective, Stephen Grippi, president and chief executive officer of Reliable, indicated that the board has engaged Ryan, Beck & Co., an investment banking firm specializing in the representation of financial institutions, to assist the board in evaluating methods to enhance shareholder value. Ryan, Beck & Co. will be pursuing discussions, if appropriate, with parties expressing interest. Grippi also stated that there can be no assurance that the board of directors will conclude that a possible merger or acquisition for Reliable is either available or in the best interests of the shareholders at the present time, or that the evaluation will result in any other changes in Reliable's current strategies for enhancing shareholder value.
 Headquartered in Bridgeville, Reliable Financial Corporation is the parent of Reliable Savings Bank, PaSA, a Pennsylvania-chartered stock savings and loan association which operates three offices, and which, as of June 30, 1993, had $149 million in assets, $116 million in deposits and $29.5 million in shareholders' equity.
 -0- 8/27/93
 /CONTACT: Stephen Grippi, president and chief executive officer of Reliable Financial, 412-221-7700/
 (RESB)


CO: Reliable Financial Corporation; Ryan, Beck & Company ST: Pennsylvania IN: FIN SU:

CD-MP -- PG008 -- 6615 08/27/93 12:33 EDT
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Publication:PR Newswire
Date:Aug 27, 1993
Words:255
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