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WACHOVIA ANNOUNCES 1991 FINANCIAL PERFORMANCE

 WACHOVIA ANNOUNCES 1991 FINANCIAL PERFORMANCE
 WINSTON-SALEM, N.C., Jan. 15 /PRNewswire/ -- Wachovia Corporation


(NYSE: WB) reported a net loss of $.46 per share fully diluted or $40.6 million for the fourth quarter of 1991. This compares with net income of $.98 per share or $84.4 million a year earlier. The decline reflects mainly the merger of South Carolina National Corporation on December 6, 1991, and special charges, according to John G. Medlin Jr., chief executive officer.
 All prior financial data has been restated on a pooling of interests basis.
 For the full year, consolidated net income per share fully diluted was $2.65, down 34.4 percent from $4.03 in 1990. Net income totaled $229.5 million compared with $345.7 million in the prior year. The 1991 results also reflect slower business growth and higher credit losses due to the weak economy, Medlin said.
 During the fourth quarter, South Carolina National incurred $138.5 million of special charges, including $97.8 million to conform litigation, real estate and loan valuation policies and practices; $23.9 million to write down the book value of intangible assets; and $16.8 million of other merger related expenses and special charges. This resulted in net losses by South Carolina National of $103.5 million for the quarter and $69.1 million for the year.
 Excluding South Carolina National, Wachovia Corporation's net income was $62.9 million for the quarter and $298.6 million for the year. Wachovia also incurred merger expenses and special charges totaling $7.2 million largely in the fourth quarter. Additional financial data on the individual and combined companies is available.
 "The merger and special charges are deliberate and forward-looking moves which give us a broader and stronger foundation for the future," Medlin said. "After absorbing their effects, Wachovia's credit quality, reserve coverage and capital ratios remain among the best of larger banks."
 At December 31, nonperforming assets were $311 million or 1.50 percent of loans and foreclosed property. The allowance for loan losses was $360 million or 1.75 percent of year-end loans and 1.49 times nonperforming loans. Equity capital to total assets was 7.49 percent while the approximate Tier I and total risk-based capital ratios were 8.9 percent and 10.4 percent, respectively.
 -0- 1/15/92
 /CONTACT: (Media) Nancy P. Lovelace, 919-770-5696, or (Analyst) Graham P. Dozier III, 919-770-5926, or James C. Mabry, 919-770-5788, all of Wachovia Corporation/
 (WB) CO: Wachovia Corporation ST: North Carolina IN: FIN SU: ERN


CM -- CH001 -- 9841 01/15/92 08:42 EST
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Publication:PR Newswire
Date:Jan 15, 1992
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