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THE WASHINGTON SAVINGS BANK ANNOUNCES STOCK DIVIDEND AND REPORTS FIRST QUARTER RESULTS

                  THE WASHINGTON SAVINGS BANK ANNOUNCES
            STOCK DIVIDEND AND REPORTS FIRST QUARTER RESULTS
    WALDORF, Md., Nov. 21 /PRNewswire/ -- At its annual meeting of stockholders held today, The Washington Savings Bank, FSB (NASDAQ: WSBX) announced a 50 percent stock dividend (one additional share of common stock for every two shares of common stock owned) which will be issued on Dec. 16, 1991, to stockholders of record as of Dec. 2.
    Cash will be paid in lieu of fractional shares resulting from the stock dividend.
    WSBX, a federally chartered, federally insured savings bank, with principal executive offices in Waldorf, also made public the results for its currently ended first quarter:
                      THE WASHINGTON SAVINGS BANK, FSB
    Three months ended Oct. 31             1991                 1990
    Net interest income after
      provision for loan losses          $940,000             $805,000
    Other income                          299,000              186,000
    General & administrative expenses     940,000              910,000
    Net earnings                          179,000               64,000
    Earnings per share                       $.09                 $.03
    Average primary shares
     outstanding                        1,982,523            1,993,112
    Assets                           $197,366,000         $174,163,000
    Deposits                          184,200,000          161,742,000
    Total stockholders' equity         12,123,000           11,644,000
    Book value per share                    $6.25                $5.84
    -0-                          11/21/91
    /CONTACT:  Sherrie L. Kubala, senior vp of The Washington Savings Bank, 301-843-7200/
    (WSBX) CO:  The Washington Savings Bank, FSB ST:  Maryland IN:  FIN SU:  ERN KA-CC -- PH021 -- 5862 11/21/91 11:57 EST
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Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Date:Nov 21, 1991
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