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SECURITY CAPITAL BANCORP ANNOUNCES STOCK REPURCHASE PROGRAM

 SALISBURY, N.C., Jan. 29 /PRNewswire/ -- Security Capital Bancorp (NASDAQ-NMS: SCBC), announced today the adoption by its Board of Directors of a stock repurchase program authorizing repurchases by the Company of its outstanding shares in the open market or in privately- negotiated transactions. Open market purchases under the program will be effected in compliance with the SEC's repurchase "safe harbor" rules.
 David B. Jordan, Vice-Chairman and Chief Executive Officer, stated that "the Board's action is not in response to any proposed transaction. We are not discussing at the present time any repurchases of our stock." The Board's action, he said, was based on its conclusion that "the ability to purchase shares without further formal Board action will allow the Company to employ excess capital funds when appropriate purchasing opportunities exist and to acquire shares for other corporate purposes should the need arise."
 "For example," Jordan said, "although we are not presently aware of any substantial blocks of Security Capital stock that are being offered for sale, the Board's action will give the Company the ability to lessen selling pressure upon the market value of our shareholders' investments should any such blocks become available."
 The program, will be reviewed by the Board periodically and may be terminated at any time without prior notice. Neither the total amount of funds to be available under the program nor the maximum number of shares which may be repurchased was announced.
 Security Capital, a bank holding company, operates 45 offices in 28 communities located in 11 counties in the south central and western Piedmont regions of North Carolina through Security Bank and Trust Company and OMNIBANK, SSB, each headquartered in Salisbury, N.C.; Citizens Savings, SSB, headquartered in Concord, N.C.; and Home Savings Bank, SSB, headquartered in Kings Mountain, N.C.
 The common stock of Security Capital is quoted on the National Market System of the NASDAQ under the symbol "SCBC."
 -0- 1/29/93
 /CONTACT: David B. Jordan, Vice-Chairman and CEO, Security Capital Bancorp, 704-637-6180/
 (SCBC)


CO: Security Capital Bancorp ST: North Carolina IN: FIN SU:

CM -- CH018 -- 0936 01/29/93 16:37 EST
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Publication:PR Newswire
Date:Jan 29, 1993
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