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SECURITY CAPITAL BANCORP FORMED THROUGH MERGER OF FIRST SECURITY FINANCIAL AND OMNI CAPITAL GROUP

 SECURITY CAPITAL BANCORP FORMED THROUGH MERGER
 OF FIRST SECURITY FINANCIAL AND OMNI CAPITAL GROUP
 SALISBURY, N.C., June 30 /PRNewswire/ -- The combination of First Security Financial Corporation ("FSFC")(NASDAQ-NMS: FSFC), Salisbury, N.C., and Omni Capital Group, Inc. ("OMNI") (NASDAQ-NMS: OCGI), Salisbury, N.C., into Security Capital Bancorp ("Security Capital") (NASDAQ-NMS: SCBC) through the merger of OMNI into FSFC was consummated on June 30, 1992 following the receipt of all required shareholder and regulatory approvals. Security Capital, which remains headquartered in Salisbury, operates 47 offices in 28 communities located in eleven counties in the south central and western Piedmont regions of North Carolina.
 Miles J. Smith, Jr. is Chairman of the Board of Directors of Security Capital and Ralph A. Barnhardt and David B. Jordan are Vice Chairmen of the Board. Jordan is the Chief Executive Officer of Security Capital, and Lloyd G. Gurley serves as its President and Chief Administrative Officer. Messrs. Smith, Barnhardt, Jordan and Gurley comprise the Executive Committee of Security Capital's Board.
 Jordan, Vice Chairman and Chief Executive Officer, and Gurley, President and Chief Administrative Officer, stated that "we are pleased that this transaction, which received the overwhelming approval of the shareholders of FSFC and OMNI, has become a reality. The combination brings together four of the strongest, best capitalized and most profitable financial institutions in the State. We believe that our combined management provides Security Capital with the seasoned and highly capable leadership required to build upon these strengths, to operate even more successfully in the increasingly competitive financial institutions marketplace, and to continue to protect and increase the value of our shareholders' interests."
 As previously disclosed in the Joint Proxy Statement of FSFC and OMNI, Security Capital and its subsidiaries have, consistent with generally accepted accounting principles and as a continuation of the conservative policies and practices for the maintenance of an allowance for loan losses that such institutions have traditionally had in place, reviewed those policies and practices with a view toward the maintenance of a system-wide allowance consistent with the philosophies of conservatively managed community banks. In accordance with such review, Security Capital anticipates recording an additional provision for loan losses for the quarter ending June 30, 1992. In addition, Security Capital is also reviewing the amount of restructuring expenses which will be recognized as a result of the combination. The additional loan loss provision and the restructuring expenses will have a significant impact on Security Capital's earnings for the quarter ending June 30, 1992.
 As of June 30, 1992, Security Capital had total assets of approximately $915 million and total shareholders' equity of approximately $114 million. Its financial institution subsidiaries are Security Bank and Trust Company and OMNIBANK, FSB of Salisbury, N.C.; Citizens Savings, FSB, Concord, N.C., and Home Federal Savings Bank, Kings Mountain, N.C. Security Capital's principal executive offices are located at 507 West Innes Street, Salisbury, N.C. 28144; telephone number (704) 636-3775.
 Market prices for Security Capital's outstanding shares are quoted
on the NASDAQ Market System under the symbol "SCBC."
 -0- 6/30/92
 /CONTACT: David B. Jordan, Chief Executive Officer, Security Capital Bancorp, 704-637-6180/
 (FSFC OCGI SCBC) CO: First Security Financial Corporation; Omni Capital Group, Inc.;
 Security Capital Bancorp ST: North Carolina IN: FIN SU: TNM


CM -- CH007 -- 5341 06/30/92 16:49 EDT
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Publication:PR Newswire
Date:Jun 30, 1992
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