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THE BANK OF SAN DIEGO SELLS NORTH AMERICAN TRUST CO. TO GOVETT & CO.

 SAN DIEGO, Aug. 30 /PRNewswire/ -- BSD Bancorp (AMEX: BSD) announced today that its subsidiary, The Bank of San Diego, has consummated the sale of North American Trust Co. to Govett & Co. Ltd. for $3.8 million. North American Trust currently administers more than $1.2 billion in assets, principally for employee-benefit plans. Govett & Co. is an Anglo-American asset management company with key operations in London, Isle of Jersey, Raleigh, N.C., and San Francisco.
 "This sale will result in a capital infusion of approximately $2.2 million to the Bank of San Diego and it is the first step toward recapitalizing the bank," said Frank J. Mercardante, president and CEO of BSD Bancorp and The Bank of San Diego.
 North American Trust was formed in 1988 when the trust department of The Bank of San Diego was purchased by BSD Bancorp. In December 1992, North American Trust stock was contributed to The Bank of San Diego. It currently employs 50 people.
 BSD Bancorp is a bank company serving the banking markets predominantly in Southern California.
 -0- 8/30/93
 /CONTACT: Frank Mercardante, 619-237-5475/
 (BSD)


CO: BSD Bancorp; The Bank of San Diego; North American Trust Co.;
 Govett & Co. Ltd. ST: California IN: FIN SU:


BP-EH -- SD003 -- 7284 08/30/93 19:42 EDT
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Publication:PR Newswire
Date:Aug 30, 1993
Words:213
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