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UNICORP AMERICAN REPORTS FINANCIAL RESULTS FOR 1991

 UNICORP AMERICAN REPORTS FINANCIAL RESULTS FOR 1991
 NEW YORK, March 31 /PRNewswire/ -- Unicorp American Corporation (NASDAQ: UACP) today reported its financial results for the fourth quarter and year ended Dec. 31, 1991, which include the financial results of the Lincoln Savings Bank, FSB (Lincoln).
 For the year ended Dec. 31, 1991, revenues were $244.2 million and the company reported a net loss of $49.9 million. This compares to revenues of $248.2 million and a net loss of $36.8 million for the year ended Dec. 31, 1990.
 For the three months ended Dec. 31, 1991, the company reported revenues of $69.4 million and net income of $7.1 million. This compares with revenues of $60.8 million and a net loss of $8.7 million in 1990.
 For the three months ended Dec. 31, 1991, the company reported net income attributable to common stockholders of $6.9 million or income of $0.39 per share compared to a net loss of $8.9 million or $0.52 per share in the comparable three-month period in 1990. For the year ended Dec. 31, 1991, the company reported a net loss attributable to common stockholders of $50.8 million or a loss of $2.94 per share compared to a net loss of $37.7 million or $2.18 per share in the comparable period in 1990.
 For the three months ended Dec. 31, 1991, Lincoln Savings Bank, FSB reported on a separate company basis, net income of $10.5 million as compared to a net loss of $7.1 million for the same period of 1990. A gain on the sale of mortgage-backed securities in the amount of $13 million accounted for the improvement in net income for the fourth quarter of 1991. Net interest income after a provision for losses on loans of $400,000, was $16.7 million for the three months ended Dec. 31, 1991, as compared to net interest income of $10.9 million in 1990 after a provision for losses on loans of $6.4 million.
 For the 12 months ended Dec. 31, 1991, Lincoln Savings Bank, FSB reported, on a separate company basis, a net loss of $38.8 million as compared to a net loss of $35.3 million for the same period in 1990. Net interest income after provision for losses on loans of $41.0 million, was $25.4 million for the 12 months ended Dec. 31, 1991 compared to $33.4 million in 1990 after a provision for losses on loans of $39.4 million.
 The company's $24 million secured revolving credit agreement (the "Senior Facility"), by its terms, matured on Aug. 25, 1991, and as previously anticipated, UAC was unable to repay the facility at that time. UAC is continuing discussions with its lenders regarding the payment default under the senior facility and its default under its $65 million senior subordinated term loan facility. Further, UAC has advised its lenders that it is unable to pay current interest on its loan facilities.
 The two previously noted loan facilities, as well as a $25 million junior subordinated loan from Unicorp Energy Corporation (formerly Unicorp Canada Corporation) are secured by all of the assets of UAC, including the shares of UAC's subsidiary, the Lincoln Savings Bank, FSB. UAC's lenders have advised that they do not intend to recapitalize or acquire Lincoln at this time. Accordingly, Lincoln will actively pursue other avenues of capital enhancement, including, but not limited to those set forth in its Capital Plan which was filed with the regulators in the latter half of 1991.
 UNICORP AMERICAN CORPORATION
 Consolidated Statements of Operations
 Summary Financial Data
 (Dollars in thousands, except per share data)
 Period ended Three months 12 months
 Dec. 31 1991 1990 1991 1990
 (unaudited)
 Total revenues $69,362 $60,785 $244,172 $248,194
 Net income (loss) 7,078 (8,702) (49,918) (36,796)
 Preferred dividend
 requirements 225 225 900 900
 Net income (loss)
 attributable to
 common shareholders 6,853 (8,927) (50,818) (37,696)
 Net income (loss)
 per share 0.39 (0.52) (2.94) (2.18)
 Consolidated Statements of Condition
 (In thousands, except for common shares outstanding)
 As of Dec. 31 1991 1990
 Total assets $2,564,868 $2,693,871
 Loans, net 1,594,752 1,730,801
 Investments 558,188 636,346
 Net liability for
 discontinued operations 11,073 10,779
 Deposits 2,246,252 2,313,642
 Other borrowed funds 206,530 215,009
 Shareholder's equity (deficit) (35,675) 15,143
 Common shares outstanding 17,305,042 17,301,794
 -0- 3/31/92
 /CONTACT: Ralph V. Marra of Unicorp American, 516-932-3513/
 (UACP) CO: Unicorp American Corporation ST: New York IN: FIN SU: ERN


SM-OS -- NY045 -- 3366 03/31/92 11:16 EST
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