Exhibit to Form 12b-25
                                   Part IV (3)

     It is anticipated the Registrant's  results of operations for the three and
six month periods ended September 30, 2002 will be significantly  different from
the corresponding  previous fiscal year. The net earnings for the current fiscal
year will be  significantly  more than the previous  fiscal year  primarily as a
result of the following:

Three months ended September 30, 2002:
The  Company's  net earnings of $62,952 for the period ended  September 30, 2002
compared to a net loss of $81,799 for the period ended  September  30, 2001,  an
increase in net earnings of 177%. The major components of this increase included
the following:
     The Personal  Trust  Segment's  revenue  increased  approximately  $125,000
primarily as a result of an increase in the number of trust, investment or other
accounts serviced by the Company.
     The Corporate Trust Segment reflected a net refund of approximately  $7,000
from the  Company's  E & O insurance  carrier,  in  connection  with the Stevens
Bankruptcy  Proceeding,  in its Selling and Administrative  expense in the three
months ended  September 30, 2002 as compared to the  expensing of  approximately
$247,000  of costs  incurred  through  September  30, 2001  associated  with the
Stevens  Bankruptcy  Proceeding  in the three month period ended  September  30,
2001.

These above items were partially offset by the following:
     Corporate Trust Segment interest earnings on fee-based  investment balances
decreased to  approximately  $77,000 for the three months  ended  September  30,
2002,  compared  to  approximately  $144,000  in the  comparable  prior  period,
reflecting a reduction in interest rates and the funds available for investment.
     The Personal Trust segment's general and  administrative  expenses increase
of  approximately  $47,000 was primarily  due to an increase in staff  personnel
costs,  which included a new business  development  officer,  in the three month
period ended September 30, 2002 as compared to the comparable prior period.

Six months ended September 30, 2002:
The  Company's  net earnings of $35,386 for the period ended  September 30, 2002
compared to a net loss of $10,279 for the period ended  September  30, 2001,  an
increase in net earnings of 244%. The major components of this increase included
the following:
     The Personal  Trust  segment's  trust  revenue  increased  $181,430 for the
period ended  September  30, 2002,  compared to the prior period  primarily as a
result of an  increase  in the number of trust,  investment,  or other  accounts
serviced by the Company.
     Revenue  from  the  Corporate  Trust  segment's  IRA  servicing  activities
increased $20,571 for the period ended September 30, 2002, compared to the prior
period primarily due to collection of past due  institutional  maintenance fees,
as well as higher fees due to the  increase  in the number of IRA's  serviced by
the Company.
     Revenue  from  the  Personal  Trust  segment's  IRA  servicing   activities
increased $15,345 for the period ended September 30, 2002, compared to the prior
period  primarily  due to the  increase  in the number of IRA's  serviced by the
Company.
     The Corporate Trust segment's general and administrative expenses decreased
in the aggregate  $172,346 for the period ended September 30, 2002,  compared to
the prior period  primarily  as a result of a reduction  in expenses  associated
with the Stevens Bankruptcy  Proceeding.  Approximately  $32,000 was expensed in
the six  months  ended  September  30,  2002,  net of  approximately  $72,000 in
reimbursements  by the  Company's  E & O  insurance  carrier as  compared to the
expensing of  approximately  $247,000 of costs in the six months ended September
30, 2001.

These above items were partially offset by the following:
     The Corporate Trust segment's bond servicing revenue decreased $240,956 for
the period ended September 30, 2002,  compared to the prior period primarily due
to a decrease in interest related earnings brought about by lower interest rates
and trust investment account balances.
     The Personal Trust segment's general and administrative  expenses increased
in the aggregate  $110,104 for the period ended September 30, 2002,  compared to
the  prior  period.  The  increased  expenses  included  staff  personnel  cost,
including  the  addition  of a new  business  development  officer,  which  were
partially  offset by reduced sales  consulting  services/commissions  in the six
months ended September 30, 2002, as compared to the comparable prior period.