Printer Friendly

SECURITY FINANCIAL REPORTS INCOME FROM IRS SETTLEMENT

 SECURITY FINANCIAL REPORTS INCOME FROM IRS SETTLEMENT
 ST. CLOUD, Minn., March 24 /PRNewswire/ -- Security Financial Group,


Inc. (NASDAQ: SFGI) today reported that its principal subsidiary, Security Financial Banking and Savings, FSB (the Bank), has reached a formal settlement with the Internal Revenue Service concerning income tax returns previously filed. The effect of this nonrecurring item will be reported as noninterest income in Security's second quarter, ending March 31, 1992, and will favorably impact Security's net earnings by approximately $370,000 ($0.52 per share).
 The settlement, prompted by recent favorable thrift industry litigation, concerned deductions for bad debts from previous tax years. As a result of the settlement, the Bank is entitled to tax refunds and interest thereon.
 "We are pleased to provide news of this favorable development to our shareholders and customers," said Warren W. Teigen, Chairman and Chief Executive Officer of the holding company. "This transaction will enhance the Bank's regulatory capital, which already exceeds the fully phased-in minimum requirements of the Bank's principal regulator, the Office of Thrift Supervision," added Teigen.
 Security Financial Group, Inc., provides financial services to central Minnesota through its operating subsidiary, Security Financial Banking and Savings, FSB, a $260 million savings bank with headquarters in St. Cloud and offices in St. Cloud, Elk River, Monticello, Mora, Princeton, Sauk Rapids and Waite Park, Minn. Security Financial Group, Inc. is traded on the national over-the-counter market under the NASDAQ symbol SFGI.
 -0- 3/24/92
 /CONTACT: Charles K. Engebretson of Security Financial Group, 612-251-4500/
 (SFGI) CO: Security Financial Group, Inc. ST: Minnesota IN: FIN SU:


KH -- MN009 -- 1228 03/24/92 16:15 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 24, 1992
Words:269
Previous Article:UNITED STATES LIFE PROMOTES THREE OFFICERS
Next Article:BERNSTEIN/LEIBSTONE ANNOUNCES TERMINATION OF EMPLOYMENT OF VICE PRESIDENT-SALES
Topics:


Related Articles
McDONNELL DOUGLAS REACHES FINAL SETTLEMENT WITH IRS
PENNZOIL DISPUTES INITIAL IRS REPORT
PENNZOIL REPORTS THIRD QUARTER RESULTS; PENNZOIL, IRS REACH MAJOR TAX SETTLEMENT
Offer in compromise: a potential solution to a major tax liability.
National City Corporation to Take First Quarter Charge for Tax Exposure.
Ruddick Corporation to Take Second Quarter Charge Reflecting Settlement on Tax Exposure for Corporate Owned Life Insurance ("COLI").
Comprehensive Care Corporation Concludes IRS Settlement; Company Makes Payment in Full to IRS.
Corrections Corporation of America Reaches Settlement With IRS With Respect to 1997 Federal Income Tax Audit.
Companies deduct settlement payments from taxes, GAO finds.
Tax Administration: Systematic Information Sharing Would Help IRS Determine the Deductibility of Civil Settlement Payments.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters