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SECURITY INVESTMENTS GROUP ANNOUNCES RECOMMENDATIONS FROM THE OFFICE OF THRIFT SUPERVISION EXAMINATION

 VINELAND, N.J., Nov. 17 ~PRNewswire~ -- Security Investments Gr oup, Inc. (NASDAQ-NMS: SSLN), headquartered in Vineland, announced today that examiners of the Office of Thrift Supervision (OTS) are currently completing their examination of the corporation's principal subsidiary, Security Savings Bank, SLA, in conjunction with their review of the previously announced branch sale to Meridian Bancorp, Inc. of Reading, Pa.
 The preliminary recommendations of the OTS examination staff would require that Security take significant additional write-downs and establish additional reserves for losses on loans and real estate owned, which would result in a negative tangible capital positio.? Based upon all known information at this time, Security estimates a net loss for the third quarter of approximately $15 million to $20 million.
 The previously announced regulatory application pending in connection with the proposed sale of 21 branches to Meridian Bancorp, Inc. would result in significantly higher capital ratios for Security Savings Bank. Howevrough the establishment of a conservatorship or receivership. Accordingly, the ability of the corporation to continue as a going concern is dependent upon the willingness of regulatory authorities to forebear from taking such action and allowing the corporation to conclude its capital raising strategies.
 Security Savings Bank, SLA, a subsidiary of Security Investments Group, Inc., is a state-chartered financial institution headquartered in Vineland. The deposit accounts of Security are insured by the Federal Deposit Insurance Corporation (FDIC). Security operates 29 branches throughout southern New Jersey and provides businesses and consumers with a variety of financial products and services.
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 ~CONTACT: Ronald A. Seagraves, president and CEO, or Ernest T. Szeker Jr., executive vice president and CFO, of Security Investments Group, 609-691-2400~
 (SSLN)


CO: Security Investments Group, Inc.; Office of Thrift Supervision ST: New Jersey IN: FIN SU:

MJ-CC -- PH031 -- 2081 11~17~92 17:29 EST
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Publication:PR Newswire
Date:Nov 17, 1992
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