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THE WASHINGTON SAVINGS BANK, F.S.B., REPORTS FIRST QUARTER RESULTS

 WALDORF, Md., Nov. 18 ~PRNewswire~ -- The Washington Savings Bank, F.S.B. (NASDAQ: WSBX), today announced financial highlights for its first quarter ended Oct. 31, 1992.
 WSBX is a federally chartered, federally insured savings bank, with principal executive offices in Waldorf.
 THE WASHINGTON SAVINGS BANK, F.S.B.
 Financial Highlights
 Three months ended Oct. 31 1992 1991
 Net interest income after
 provision for loan losses $1,311,000 $940,000
 Other income 348,000 299,000
 General & administrative expenses 979,000 940,000
 Net earnings 392,000 130,000
 Earnings per share(A) $.14 $.04
 Average shares outstanding(A) 2,768,630 2,973,785
 Assets $205,853,000 $197,366,000
 Deposits 192,153,000 184,200,000
 Total stockholders' equity 12,441,000 12,073,000
 Book value per share(A) $4.64 $4.15
 (A) All average shares outstanding and related per-share amounts have been adjusted to give retroactive effect to the higher number of shares outstanding as a result of a 3-for-2 stock split effected by way of a 50 percent stock dividend issued in December 1991.
 -0- 11~18~92
 ~CONTACT: Sherrie L. Kubala, senior vice president of Washington Savings Bank, 301-843-7200~
 (WSBX)


CO: The Washington Savings Bank, F.S.B. ST: Maryland IN: FIN SU: ERN

CC-MK -- PH018 -- 2272 11~18~92 10:57 EST
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Date:Nov 18, 1992
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