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WORKINGMENS CORPORATION REPORTS THIRD QUARTER RESULTS

 WORKINGMENS CORPORATION REPORTS THIRD QUARTER RESULTS
 BOSTON, March 13 /PRNewswire/ -- Workingmens Corporation


(NASDAQ: WCBK), the parent company of Workingmens Cooperative Bank, today announced results and related financial data for the third quarter ended Jan. 31, 1992.
 The corporation reported losses of $122,000 or 10 cents per share for the three month period ended Jan. 31, 1992 as compared to a loss of $1.6 million or $1.30 for the same period last year. Year-to-date losses for the first nine months of the current fiscal year were $4.9 million or $4.09 per share as compared to a loss of $10.6 million or $8.87 per share for the comparable period of a year ago. Total assets at Jan. 31, 1992 were $210.3 million compared to $229.4 million at April 30, 1991 and $228.3 million at Jan. 31, 1991. These results include all required adjustments, as previously announced on Jan. 31, 1992 relating to the regular periodic examination of the bank completed by the FDIC and the Massachusetts Commissioner of Banks in October 1991.
 President and Chief Executive Officer John E. McDonald stated, "The improvement in operating results during the quarter reflects our continuing efforts to reduce non-performing assets and operating expenses. At Jan. 31, 1992, other real estate owned was reduced to $18.2 million; acquisition, development, and construction loans were reduced to $2.5 million; and non-performing loans were reduced to $3.3 million. The comparable figures at April 30, 1991 were $24.7 million; $4.7 million and $6.7 million respectively. The reserve for possible loan losses was $5.1 million or 154 percent of non- performing. Although there have been indications that the bank's credit quality problems may be stabilizing, the long term prospects of the bank continue to be dependent upon its ability to raise additional capital."
 Workingmens Corporation is the holding company for Workingmens Cooperative Bank, a Massachusetts chartered cooperative bank with five offices in Greater Boston. The banks deposits are insured by the Federal Deposit Insurance Corporation (FDIC) and the Share Insurance Fund (SIF) of the Cooperative Central Bank.
 WORKINGMENS CORPORATION
 Selected Consolidated Financial and Statistical Data
 (Dollar in thousands, except per share amounts)
 At Jan. 31, At April 30,
 1992 1991
 (Unaudited)
 Financial Highlights
 Total assets $210,291 $229,382
 Stockholders' equity $3,312 $8,151
 Stockholders' equity as a
 percent of total assets 1.57 pct. 3.55 pct.
 Quarter ended Nine months ended
 Jan. 31 Jan. 31,
 1992 1991 1992 1991
 (Unaudited) (Unaudited)
 Net loss $(122) $(1,158) $(4,912) $(10,649)
 Loss per share (10 cents) $(1.30) $(4.09) $(8.87)
 Annualized loss on
 average assets (percent) (0.23) (2.67) (2.98) (5.93)
 Annualized loss on
 average equity (percent) (15.05) (57.01) (116.04) (102.03)
 Interest rate spread (percent) 4.26 2.68 3.69 2.48
 Net yield on average
 earning assets (percent) 3.52 2.31 2.90 2.28
 Net interest margin to
 operating expenses (percent) 94.89 67.62 77.26 65.13
 Quarter ended Nine months ended
 Jan. 31 Jan. 31,
 1992 1991 1992 1991
 (Unaudited) (Unaudited)
 Operating Data
 Interest and dividend income $4,665 $5,311 $14,210 $16,207
 Interest expense 3,068 4,104 10,153 12,540
 Net interest income 1,597 1,207 4,057 3,667
 Provision for possible
 loan losses (90) (750) (2,159) (6,807)
 Net gain on sale of
 mortgage loans 92 72 175 84
 Loan servicing fees 154 150 411 448
 Net cost of operation of
 other real estate (265) (514) (2,347) (3,827)
 Other non-interest income 73 62 202 216
 Non-interest expense (1,683) (1,785) (5,251) (5,630)
 Loss before income taxes (122) (1,558) (4,912) (11,849)
 (Benefit) for income taxes --- --- --- (1,200)
 Net loss $(122) $(1,558) $(4,912) $(10,649)
 -0-
 /CONTACT: Kevin J. McGillicuddy of Workingmens Corporation, 617-451-1000/
 (WCBK) CO: Workingmens Corporation ST: Massachusetts IN: FIN SU: ERN


TM-PB -- NE003 -- 7864 03/13/92 14:19 EST
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