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THE WASHINGTON SAVINGS BANK, F.S.B. ANNOUNCES CASH DIVIDEND AND REPORTS SECOND QUARTER AND SIX MONTH RESULTS

 WALDORF, Md., Feb. 17 /PRNewswire/ -- The Washington Savings Bank, F.S.B. (NASDAQ: WSBX) today announced its first cash dividend of 4 cents per share which will be paid on March 8, 1993, to stockholders of record as of Feb. 26.
 WSBX stated that it plans to consider future dividends on a semiannual basis.
 WSBX, a federally chartered, federally insured savings bank, with principal executive offices in Waldorf, also made public the results for its three and six months ended Jan. 31, 1993.
 THE WASHINGTON SAVINGS BANK, F.S.B.
 Financial Highlights
 Three months ended Jan. 31 1993 1992
 Net interest income after
 provision for loan losses $1,622,000 $1,095,000
 Other income 429,000 209,000
 General & administrative expenses 1,004,000 923,000
 Provision for loan losses 39,000 79,000
 Net earnings 628,000 22,000
 Earnings per share $.22 $.01
 Average shares outstanding 2,893,933 3,031,876
 Assets $201,815,000 $205,222,000
 Deposits 187,501,000 192,256,000
 Total stockholders' equity 13,069,000 11,661,000
 Book value per share $4.88 $4.25
 Six months ended Jan. 31 1993 1992
 Net interest income after
 provision for loan losses $2,933,000 $2,035,000
 Other income 777,000 508,000
 General & administrative expenses 1,983,000 1,864,000
 Provision for loan losses 75,000 128,000
 Net earnings 1,020,000 152,000
 Earnings per share $.36 $.05
 Average shares outstanding 2,831,282 3,002,831
 -0- 2/17/93
 /CONTACT: Sherrie L. Kubala, senior vp of Washington Savings Bank, 301-843-7200/
 (WSBX)


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

MK-MP -- PH012 -- 7194 02/17/93 09:51 EST
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Date:Feb 17, 1993
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