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WORKINGMENS CORPORATION REPORTS SECOND QUARTER RESULTS

 WORKINGMENS CORPORATION REPORTS SECOND QUARTER RESULTS
 BOSTON, Dec. 13 /PRNewswire/ -- Workingmens Corporation, the parent


company of Workingmens Co-operative Bank, today announced results and related financial data for the second quarter ended Oct. 31, 1991.
 The corporation reported losses of $3.4 million or $2.82 per share and a loss of $4.1 million or $3.46 per share for the three and six month periods ended Oct. 31, 1991. The comparable three- and six-month results at Oct. 31, 1990 were losses of $1.4 million or $1.16 per share and $9.1 million or $7.58 per share. Total assets at Oct. 31, 1991 were $215.0 million compared to $229.0 million at April 30, 1991 and $240.5 million a year ago at Oct. 31, 1990.
 The loss for the quarter just ended was primarily attributable to the provision for possible loan losses of $1.6 million; the net cost of operations of other real estate owned of $1.4 million; and the loss of interest on non-performing assets. Included in the financial results are certain of the preliminary recommendations made by the FDIC during their periodic regular examination of the bank conducted during the quarter. President and Chief Executive Officer, John E. McDonald, stated "we have had discussions with the Regional Office of the FDIC, regarding certain of the findings and conclusions with respect to which we have had disagreement. We believe that the financial information being released today reflects the most likely outcome of our recent discussions, but we could be required to take additional charge-offs of up to $1.0 million and loan loss provisions of up to $1.6 million."
 At Oct. 31, 1991, other real estate owned was reduced to $20.7 million; acquisition, development and construction loans were reduced to $2.7 million; and non-performing loans were reduced to $5.5 million. The comparable figures at Apr. 30, 1991 were $24.7 million; $4.7 million; and $6.7 million respectively.
 McDonald, said "the unfavorable economic conditions we described in our 1991 Annual Report, including declining real estate values, high unemployment levels, and the increasing costs of doing business, continued to affect the bank during the second quarter of 1991. Our second quarter results reflect this difficult operating environment. Although we remain committed to our objectives of reducing the level of non-performing assets, controlling operating expenses, and improving the earnings performance of the bank, the long term prospects of the bank are dependent upon its ability to raise additional capital."
 Workingmens Corporation is the holding company for Workingmens Co-operative Bank, a Massachusetts chartered cooperative bank with five offices in greater Boston. The bank's deposits are insured by the Federal Deposit Insurance Corporation (FDIC) and the share insurance fund (SIF) of the Co-operative Central Bank.
 WORKINGMENS CORPORATION
 Financial Highlights
 Selected Consolidated Financial and Statistical Data
 (Dollars in thousands, except per share amount)
 10/31/91 4/30/91
 (unaudited)
 Total assets $215,042 $229,382
 Stockholders' equity $4,051 8,151
 Stockholders' equity as a
 percentage of total assets 1.88 pct. 3.55 pct.
 Quarter Ended Six Months Ended
 Oct. 31, Oct. 31,
 (Unaudited) (Unaudited)
 1991 1990 1991 1990
 Net loss $(3,383) $(1,388) $(4,149) $(9,091)
 Loss per share (2.82) (1.16) (3.46) (7.58)
 Annualized loss on
 average assets (6.13)pct (2.32)pct (3.73)pct (7.50)pct
 Annualized loss on
 average equity (186.06)pct (44.18)p (110.36)pct(118.43)pct
 Interest rate spread 3.26 pct 2.79 pct 3.75 pct 2.40 pct
 Net yield on average
 earning assets 2.47 pct 2.53 pct 2.61 pct 2.26 pct
 Net interest margin to
 operating expenses 63.77 pct 71.11 pct 68.93 pct 64.00 pct
 Quarter Ended Six Months Ended
 Oct. 31, Oct. 31,
 1991 1990 1991 1990
 (Unaudited) (Unaudited)
 Operating Data
 Interest and dividend
 income $4,587 $5,581 $9,545 $10,896
 Interest expense 3,427 4,220 7,085 8,436
 Net interest income 1,160 1,361 2,460 2,460
 Provision for possible
 loan losses (1,556) (382) (1,690) (6,057)
 Net gain on sale of
 mortgage loans 84 23 84 12
 Loan servicing fees 122 112 257 298
 Net cost of operation of
 other real estate (1,432) (807) (1,820) (3,313)
 Other non-interest income 58 69 129 153
 Non interest expense (1,819) (1,914) (3,569) (3,844)
 Loss before income taxes (3,383) (1,538) (4,149) (10,291)
 (Benefit) for
 income taxes --- (150) --- (1,200)
 Net loss ($3,383) ($1,388) ($4,149) ($9,091)
 -0- 12/13/91
 /CONTACT: Kevin J. McGillicuddy, chief operating officer of


Workingmens Corporation, 617-451-1000/ CO: Workingmens Corporation ST: Massachusetts IN: FIN SU: ERN

DH-PB -- NE007 -- 2510 12/13/91 16:27 EST
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