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SDN BANCORP ANNOUNCES YEAR-END RESULTS

 SDN BANCORP ANNOUNCES YEAR-END RESULTS
 ENCINITAS, Calif., Feb. 6 /PRNewswire/ -- SDN Bancorp


(OTC "Pink sheets"), holding company for San Dieguito National Bank, reported a $1,075,000 net loss for 1991, compared to a $442,000 net earnings for 1990.
 As previously reported, San Dieguito National Bank recorded a special $1 million addition to the allowance for potential loan losses in the second quarter of 1991. In addition, losses from normal operations were anticipated as a part of the bank's expansion strategy, which included opening a new office in Carlsbad Village and expanded services in the La Costa office, together with estimated lower interest income because of decreases in the prime lending rate during 1991.
 Total assets were $91.7 million at Dec. 31, 1991, compared to $80.5 million at Dec. 31, 1990. Year-end totals were higher because of unusually high escrow account balances which are on deposit for only a few days. Average total assets for the month of December 1991 were $86.4 million, an 11.7 percent increase, compared to average assets of $77.4 million for December 1990.
 Total loans continued to increase to $71.6 million at Dec. 31, 1991, compared to $61.4 million the previous year, a 16.6 percent increase. The allowance for loan losses was $1.1 million or 1.6 percent of total loans at Dec. 31, 1991. Total deposits increased to $87.2 million at Dec. 31, 1991, compared to $74.6 million at year-end 1990. San Dieguito National Bank's risk- based capital ratio was 7.4 percent at Dec. 31, 1991.
 "We are extremely disappointed with the 1991 loss," stated Paul E. Schedler, president, "but we are pleased with the solid growth of our bank during 1991, a very difficult year for banks."
 San Dieguito National Bank is an independent community bank organized by local business men and women. The bank is headquartered in Encinitas with additional offices in Carlsbad Village and La Costa.
 -0- 2/6/92
 /CONTACT: Paul E. Schedler, president of SDN Bancorp, 619-436-6888 or 800-736-7362/ CO: SDN Bancorp ST: California IN: FIN SU: ERN


JL-CH -- SD007 -- 7900 02/06/92 16:35 EST
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Date:Feb 6, 1992
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