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SUBURBAN BANCORPORATION REPORTS PROFITABLE FIRST QUARTER RESULTS

 CINCINNATI, Oct. 22 /PRNewswire/ -- Suburban Bancorporation (NASDAQ: SBCN) the holding company for Suburban Federal Savings Bank, today reported net income for its fiscal 1994 first quarter ended Sept. 30, 1993, of $1,531,885, compared to $569,000 for the comparable quarter in fiscal 1993. Per share information is unavailable since the initial public offering of the company's stock was Sept. 30, 1993.
 The results of operations for the first quarter of fiscal 1994 included a one-time gain of $1.17 million for the cumulative effect of a change in the method of accounting for income taxes. Fiscal 1993 results include the effect of a recovery of $745,000 from assets previously charged off, which was partially offset by the establishment of a $400,000 reserve for real estate acquired in settlement of loans and the write-off of goodwill of approximately $235,000. Earnings from operations for the 1994 first quarter was $358,000 compared to $459,000 for the comparable period in fiscal 1993.
 The lower earnings are primarily attributable to lower net interest income, which was down $147,000 in the first quarter of fiscal 1994 compared to the same period for 1993. The two primary reasons for this decline were the downward repricing of adjustable rate mortgages and the replacement of repaying commercial and multifamily loans on the balance sheet with lower yielding single family loans.
 On Sept. 30, 1993, the company completed its initial public offering by selling 1,581,710 shares of stock at $10.00 per share. After the conversion the company had total assets of $163.6 million, net loans of $112.1 million and stockholders' equity was $24.8 million or 15.2 percent of assets.
 Suburban Federal Savings bank has eight full service offices in the greater Cincinnati metropolitan area to serve customers.
 SUBURBAN BANCORPORATION, INC. AND SUBSIDIARY
 Consolidated Statements of Operations
 Three Months Ended Sept. 30, 1993, and 1992 (Unaudited)
 (Dollars in thousands)
 (Unaudited)
 Three Months Ended
 Sept. 30, Sept. 30,
 1993 1992
 STATEMENT OF OPERATIONS
 Interest Income $2,998 $3,430
 Interest Expense 1,673 1,958
 Net Interest Income 1,325 1,472
 Provision for Losses(A) 19 (725)
 Gain on Sale of Loans 67 73
 Non-interest Income 145 141
 Non-interest Expense(B) 956 1,594
 Cumulative Effect of Accounting
 Change(C) 1,173 0
 Net Income Before Taxes 1,735 817
 Income Taxes 203 248
 Net Income $1,532 $569
 (A) -- In 1992 reflects recovery of $745,000 from an asset previously written off.
 (B) -- In 1992 includes write-off of $235,000 goodwill, and a $400,000 provision for losses on real estate acquired in settlement of loans.
 (C) -- In 1993 includes $1.173 million cumulative effect of a change in the method of accounting for income taxes.
 SUBURBAN BANCORPORATION, INC. AND SUBSIDIARY
 Selected Consolidated Financial Information
 (Dollars in thousands, except per share data)
 Balance Sheets
 Sept. 30, 1993
 (Unaudited) June 30, 1993
 Total Assets(D) $163,609 $150,670
 Investment Securities 2,098 2,098
 Loans, Net 112,094 109,657
 Allowance for Losses 3,037 3,059
 Real Estate Acquired by Foreclosure 2,597 2,950
 Deposits 120,289 122,247
 Borrowed Funds 17,020 17,187
 Stockholders Equity(D) $ 24,806 $ 10,184
 Average Shares Outstanding(D) 1,581,710 0
 Per Share and Ratio Data
 Book Value per Share(D) $15.68 NA
 Equity to Assets 15.16 pct 6.76 pct
 Return from Operations to Average
 Equity (Annualized)(E) 8.19 pct 12.89 pct
 (D) -- On Sept. 30, 1993, the company closed its initial public offering. Total shares issued and net proceeds were 1,581,710 and $14,914,000 respectively.
 (E) -- For Sept. 30, 1993 the one-time gain of $1.17 million on the change in accounting method was deducted from income.
 -0- 10/22/93
 /CONTACT: Joseph F. Hutchison of Suburban Bancorporation, 513-489-4888/
 (SBCN)


CO: Suburban Bancorporation ST: Ohio IN: FIN SU: ERN

BM-SM -- CL007 -- 5611 10/22/93 09:24 EDT
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Date:Oct 22, 1993
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