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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
(Mark One)
[ X ] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the period ended JUNE 30, 1995
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or
[ ] Transition Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the transition period from ___________________ to ____________________
Commission File Number: 1-9709
ELDORADO BANCORP
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(Exact name of registrant as specified in its charter)
CALIFORNIA 95-3642383
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(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification Number)
17752 EAST SEVENTEENTH STREET, TUSTIN, CALIFORNIA 92680
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(Address of principal executive offices) (Zip Code)
(714) 798-1100
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Registrant's telephone number, including area code)
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(Former name, former address and former fiscal year,
if changed since last report.)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirement for the past 90 days.
[ X ] Yes [ ] No
APPLICABLE ONLY TO ISSUERS INVOLVED
IN BANKRUPTCY PROCEEDING DURING
THE PRECEDING FIVE YEARS:
Indicate by check mark whether the registrant has filed all documents and
reports required to be filed by Sections 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by a court.
[ ] Yes [ ] No
There were 2,758,788 shares of common stock for the registrant outstanding as
of June 30, 1995.
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Part I. Financial Information
Item I. Financial Statements
Eldorado Bancorp and Its Subsidiary
Eldorado Bank
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Dollars in Thousands)
ASSETS June 30, 1995 December 31, 1994
------ ------------- -----------------
Cash and due from banks $ 25,187 $ 23,950
Investment securities available-for-sale 82,216 86,107
Investment securities held-to-maturity 2,589 586
Federal funds sold 15,600 9,000
Commercial loans held for sale 1,995 3,274
Loans and direct lease financing 171,343 171,874
Less allowance for possible credit losses 5,562 5,564
-------- --------
Net loans and direct lease financing 165,781 166,310
Deferred income taxes 184 696
Premises and equipment, net 7,324 7,433
Accrued interest receivable and other assets 6,325 5,693
Other real estate owned 2,144 973
-------- --------
$309,345 $304,022
======== ========
Investment securities held-to maturity --
approximate market value 2,636 562
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------
Liabilities
Deposits
Demand, non-interest bearing $ 89,372 $ 79,347
Savings and money market 127,080 145,958
Time certificates under $100,000 27,767 23,102
Time certificates of $100,000 or more 23,831 22,919
-------- --------
Total deposits 268,050 271,326
Other liabilities 3,248 2,572
Federal funds purchased 6,721 1,030
-------- --------
Total liabilities $278,019 $274,928
Shareholders' equity
Preferred stock, no par value;
authorized 5,000 shares, none issued --- ---
Common stock, no par value;
authorized 12,500,000 shares, issued and
outstanding 2,758,788 shares in 1995 and
2,752,255 shares in 1994 17,479 17,462
Securities valuation allowance, net 394 (345)
Retained earnings 13,453 11,977
-------- --------
31,326 29,094
-------- --------
Total shareholders' equity and liabilities $309,345 $304,022
======== ========
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Part I. Financial Information
Item I. Financial Statements (continued)
Eldorado Bancorp and Its Subsidiary
Eldorado Bank
CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
(Dollars in Thousands except for earnings per share
and weighted average number of shares outstanding)
Three Months Ended Six Months Ended
June 30 June 30
------------------- ------------------
1995 1994 1995 1994
-------- --------- -------- --------
Interest Income
Loans $ 4,331 $ 3,862 $ 8,460 $ 7,879
Investment securities 1,325 909 2,580 1,611
Interest bearing deposits with banks --- 20 --- 9
Federal funds sold 232 187 456 424
Direct lease financing 35 55 71 133
-------- -------- -------- --------
-------- --------- -------- --------
5,923 5,015 11,567 10,056
Interest Expense
Savings, NOW and money market deposits 697 777 1,432 1,550
Time deposits of $100,000 or more 269 176 494 364
Time deposits under $100,000 309 182 549 384
Other 91 --- 130 2
-------- -------- -------- --------
Total interest expense 1,366 1,135 2,605 2,300
-------- -------- -------- --------
Net interest income 4,557 3,880 8,962 7,756
Provision for loan and lease losses 301 751 603 1,403
-------- -------- -------- --------
Net interest income after provision
for loan and lease losses 4,256 3,129 8,359 6,353
Other Income
Service charges on deposit accounts 528 609 1,031 1,023
Loan servicing income 208 222 429 457
Bank card discounts 127 214 336 421
Gain (loss) on sale of SBA loans 42 33 (10) 187
Investment security gains (losses) --- (1) (2) (50)
Other 143 222 254 347
-------- -------- -------- --------
1,048 1,299 2,038 2,385
Other Expense
Salaries 1,095 1,203 2,149 2,326
Employee benefits 451 309 1,021 856
Net occupancy of bank premises 386 377 762 742
Furniture and equipment expense 221 202 444 396
Other real estate owned writedowns/expense 40 25 10 112
Other 1,344 1,454 2,656 2,705
-------- -------- -------- --------
3,537 3,570 7,133 7,037
-------- -------- -------- --------
Earnings before taxes 1,767 858 3,264 1,701
Income Taxes 732 347 1,347 687
-------- -------- -------- --------
Net Earnings $ 1,035 $ 511 $ 1,917 $ 1,014
======== ======== ======== =======
Earnings per common share $ 0.38 $ 0.19 $ 0.70 $ 0.37
======== ======== ======== =======
Weighted average common shares outstanding 2,757,350 2,752,255 2,757,041 2,752,255
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Part I. Financial Information
Item I. Financial Statements (continued)
Eldorado Bancorp and Its Subsidiary
Eldorado Bank
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in Thousands)
Six Months Ended Six Months Ended
June 30, 1995 June 30, 1994
---------------- ----------------
Cash Flows from operating activities:
Net earnings $ 1,917 $ 1,014
Adjustments to reconcile net earnings
to net cash provided by operating activities:
Depreciation and amortization 433 440
Amortization of goodwill 55 55
Provision for possible credit losses 603 1,403
Provision for possible losses on other real estate owned 58 ---
(Gain) loss on sale of SBA loans 10 (187)
(Gain) loss on sale of securities available-for-sale 2 50
Amortization of deferred income, costs, discounts and fees (50) 303
Loan fees collected 175 67
(Gain) loss on sale of other real estate owned (19) 22
(Increase) decrease in market value of securities (1,249) 1
Unrealized gain (loss) on securities, net of tax 739 ---
Gain on sale of premises and equipment --- 7
Change in assets and liabilities net of effects from
acquisitions of banks:
(Increase) decrease in accrued interest receivable (282) (124)
(Increase) decrease in other assets/current tax
receivable and other real estate owned (2,142) (133)
Increase (decrease) in other liabilities 676 (417)
(Increase) decrease in deferred income taxes 512 ---
-------- --------
Total adjustments (479) 1,487
-------- --------
Net cash provided by operating activities 1,438 2,501
Cash flows from investing activities:
Proceeds from maturity of securities available-for-sale 52,901 33,501
Proceeds from sale of securities available-for-sale --- 1,923
Purchase of securities available-for-sale (47,776) (55,607)
Purchase of securities held-to-maturity (2,003) (586)
Net (increase) decrease in interest bearing deposits with banks --- 396
Net (increase) decrease in loans and leases (199) 17,931
Purchases of premises and equipment (312) (163)
Proceeds from sale of other real estate owned 527 934
Proceeds from sale of loans 1,732 3,836
Net (increase) decrease in commercial loans held for sale (463) (2,932)
Proceeds from sale of premises and equipment 1 ---
Purchase of loans --- (11,665)
-------- --------
Net cash used in investing activities $ 4,408 $(12,432)
-------- --------
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Part I. Financial Information
Item I. Financial Statements (continued)
Eldorado Bancorp and Its Subsidiary
Eldorado Bank
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in Thousands)
Six Months Ended Six Months Ended
June 30, 1995 June 30, 1994
---------------- ----------------
Cash flow from operating activities:
Net increase (decrease) in deposits $ (3,276) $(15,888)
Net increase (decrease) in federal funds purchased 5,691 (1,015)
Dividends paid (441) ---
Proceeds from stock options exercised 17 ---
-------- --------
Net cash provided by financing activities 1,991 (16,903)
-------- --------
Increase (decrease) in cash and cash equivalents 7,837 (26,834)
Cash and cash equivalents at beginning of year 32,950 60,803
-------- --------
Cash and cash equivalents at June 30 $ 40,787 $ 33,969
======== ========
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Part I. Financial Information
Item I. Financial Statements (continued)
Eldorado Bancorp and Its Subsidiary
Eldorado Bank
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
For six months ended June 30, 1995
and
For years ended December 31, 1994, 1993, and 1992
(Unaudited)
Securities Total
Common Stock Valuation Retained Shareholders'
Shares Amount Allowance, Net Earnings Equity
--------- ------------ -------------- ----------- -------------
Balance, December 31, 1992 2,745,634 $17,400,000 --- $11,810,000 $29,210,000
Cash dividends declared ($0.08 per share) --- --- --- (221,000) (221,000)
Stock options exercised (note 8) 12,621 86,000 --- --- 86,000
Stock repurchased and canceled (6,000) (59,000) --- --- (59,000)
Net loss --- --- --- (1,727,000) (1,727,000)
--------- ----------- ----------- ----------- -----------
Balance, December 31, 1993 2,752,255 17,427,000 --- 9,862,000 27,289,000
Net unrealized holding gain on securities
available-for-sale as of January 1, 1994 --- --- $ 1,179,000 --- 1,179,000
Cash dividends declared ($0.16 per share) --- --- --- (441,000) (441,000)
Stock options exercised (note 8) 4,473 35,000 --- --- 35,000
Change in net unrealized holding gain on
securities available-for-sale --- --- (1,524,000) --- (1,524,000)
Net earnings --- --- --- 2,556,000 2,556,000
--------- ----------- ----------- ----------- -----------
Balance, December 31, 1994 2,756,728 $17,462,000 $ (345,000) $11,977,000 $29,094,000
Stock options exercised 2,060 17,000 --- --- 17,000
Cash dividends declared ($0.16 per share) --- --- --- (441,000) (441,000)
Change in net unrealized holding gain on
securities available-for-sale --- --- 739,000 --- 739,000
Net earnings --- --- --- 1,917,000 1,917,000
--------- ----------- ----------- ----------- -----------
Balance, June 30, 1995 2,758,788 $17,479,000 $ 394,000 $13,453,000 $31,326,000
========= =========== =========== =========== ===========
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Part I. Financial Information
Item I. Financial Statements (continued)
Eldorado Bancorp and Its Subsidiary
Eldorado Bank
NOTE OF CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
________________________
NOTE A - BASIS OF PRESENTATION
The financial statements for interim periods are unaudited. In the opinion of
management, all material adjustments necessary for fair presentation of the
interim financial statements have been included.
Interim period financial statements are not necessarily indicative of results
to be expected for the entire year.
NOTE B - EARNINGS PER SHARE
Net earnings per common share are based upon the weighted average number of
shares outstanding during each period.
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Part I. Financial Information
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
Financial Condition
Total assets at June 30, 1994 were $309.3 million compared to $304.0 million at
December 31, 1995. The increase in total assets was primarily due to an
increase in federal funds purchased largely deployed in federal funds sold.
Investment securities available-for-sale declined to $82.2 million at June 30,
1995 from $86.1 million at December 31, 1994 due to maturities in the
relatively short-term portfolio. Investment securities held-to-maturity
increased to $2.6 million at June 30, 1995 from $586 thousand at year end 1994
due to the purchase of securities classified in this category since year end.
At June 30, 1995, the carrying value of loans that are considered to be
impaired under SFAS 114 totaled $1.8 million. At June 30, 1995, the allowance
for possible credit losses determined in accordance with the provisions of SFAS
114, related to loans considered to be impaired under SFAS 114 totaled $133
thousand. The carrying value of loans considered impaired under SFAS 114 for
which there is no related allowance for possible credit losses was zero at June
30, 1995. The average recorded investment in impaired loans during the six
months ended June 30, 1995 was approximately $2.8 million. For the six months
ended June 30, 1995, the Company recognized interest income on those impaired
loans of $118 thousand, all of which was recognized using the cash basis method
of income.
At June 30, 1995 and December 31, 1994, the Company had loans of approximately
$2.0 million and $3.2 million, respectively, on which the accrual of interest
had been discontinued. If these loans had been current throughout their terms,
interest and fees on loans would have increased by approximately $35 thousand
for the six months ended June 30, 1995.
Other real estate owned increased to $2.1 million at June 30, 1995 from $973
thousand at December 31, 1995 reflecting the foreclosure of real estate
properties in satisfaction of certain loans.
Total deposits declined $3.3 million at June 30, 1995 to $268.0 million
compared to $271.3 million at year end 1994, however, there was a significant
change in the mix of deposits. Noninterest bearing demand deposits, however,
grew $10.0 million to $89.4 million at June 30, 1995 from December 31, 1994.
This was offset by a decline in savings and money market deposits of $18.9
million to $127.1 million at June 30, 1995 from $146.0 million at December 31,
1994. Time certificates of deposit under $100,000 increased $4.7 million
during the first six months of 1995 and time certificates of deposit of
$100,000 or more increased $900 thousand during this same period.
Federal funds purchased increased $5.7 million to $6.7 million at June 30, 1995
compared to December 31, 1994. The Company purchases federal funds from one of
its financial institution customers as an accommodation.
Total shareholders' equity increased $2.2 million during the six months ended
June 30, 1995 primarily due to an increase in retained earnings and also due to
an increase of $739 thousand in the net securities valuation allowance. The
increase in the net securities valuation allowance reflects the overall
downward trend in capital market interest rates since year end combined with
favorable repricing upon maturity of the relatively short-term securities
portfolio available-for-sale.
Liquidity and Interest Sensitivity
In order to meet periodic increases in loan demand, potential deposit
withdrawals and maturities of short-term, large time certificates of deposit,
the Company maintains short-term fund sources. These include cash on hand and
on deposit with correspondent banks; "federal funds sold", which are
essentially demand loans to other banks; and investments in marketable
securities available-for-sale. Such cash and near-cash items, marketable
securities available-for-sale and short-term investments totaled $123.0 million
at June 30, 1995, which represented 39.8 percent of total assets.
Other possible liquidity sources to meet cash requirements include federal
funds purchased lines, the sale of loans, and anticipated increases in
deposits. Substantially all of the Company's installment loans and leases are
made on terms that require regular monthly repayments, which provides a regular
flow of cash funds.
The Company manages its interest rate sensitivity by matching the repricing
opportunities on its earning assets to those on its funding liabilities.
Management uses various asset/liability strategies to manage the repricing
characteristics of its assets and liabilities to ensure that exposure to
interest rate fluctuations is limited within Company guidelines of acceptable
levels of risk-taking. Hedging strategies, including the terms and pricing of
loans and deposits, and managing the deployment of its securities are used to
reduce mismatches in interest rate
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repricing opportunities of portfolio assets and their funding sources. The
Company does not utilize derivative financial instruments as part of its
hedging strategy.
One way to measure the impact that future change in interest rates will have on
net interest income is through a cumulative gap measure. The gap represents
the net position of assets and liabilities subject to repricing in specified
time periods. The Company's cumulative gap at June 30, 1995 for a three month
and one year period was 77.3 percent and 116.0 percent, respectively.
Since interest rate changes do not affect all categories of assets and
liabilities equally or simultaneously, a cumulative gap analysis alone cannot
be used to evaluate the Company's interest rate sensitivity position. To
supplement traditional gap analysis, the Company performs simulation modeling
to estimate the potential effects of changing interest rates. The process
allows the Company to explore the complex relationships within the gap over
time and various interest rate environments. The simulation analysis indicates
certain scenarios in which the Company may experience a decline in its net
interest income despite its strategy of matching repricing opportunities of its
earning assets and funding liabilities.
Results of Operations - Quarter Ended June 30,1995
Net income for the three months ended June 30, 1995 was $1.0 million, or $0.38
per share, compared to $511 thousand, or $0.19 per share, for the same period
in 1994. The increase in second quarter 1995 earnings is due to higher net
interest margins and lower provisions for possible credit losses.
Net interest income increased $677 thousand in the three month period ended
June 30, 1995 to $4.6 million compared to $3.9 million for the same period in
1994. The increase is due to higher yields on loans indexed to the prime
lending rate, higher yields on federal funds sold and upward repricing upon
reinvestment of the Company's relatively short-term investment portfolio. The
higher yields on loans, federal funds sold and investment securities is a
result of higher market rates of interest in the 1995 period as compared to
1994. While higher yields have been obtained on the Company's earning assets,
the cost of funds on the deposits has not increased as rapidly. Additionally,
lower volumes of interest-bearing liabilities funding the earning assets has
further widened the net interest margin. The provision for loan and lease
losses during the three months ended June 30, 1995 was $301 thousand
compared to $751 in the same period in 1994.
This reduction was made based upon the Company's evaluation of the adequacy of
its allowance for possible credit losses. The allowance for possible credit
losses is established based upon an analysis providing specific allowances for
loans that management has identified to have potential loss and general
allowances for unidentified losses inherent in the portfolio. The general
allowance is determined by segmenting the portfolio by risk rating and loan
type with allowances established based upon historical losses in each portfolio
segment. Additionally, consideration is given to loan type concentrations in
the portfolio and the current and anticipated economic environment.
Other income for the second quarter ended June 30, 1995 was $1.0 million
compared to $1.3 million for the 1994 period. This decline was due to lower
service charges on deposit accounts due to fewer accounts and lower bankcard
discounts.
Other expenses for the three months ended June 30, 1995 were $3.5 million,
nearly flat with the same period in 1994. Salaries were approximately $100
thousand lower in the 1995 compared with 1994. While the Company's staffing
levels were significantly lower in the 1995 period than 1994, the full impact
is not reflected in the salary expense line item due to the application of
Statement of Financial Accounting Standards No. 91 "Accounting for
Nonrefundable Fees and Costs Associated with Originating or Acquiring Loans and
Initial Direct Costs of Leases" (SFAS 91). After reengineering its lending
process, the Company, as provided for under SFAS 91, reevaluated the direct
costs of specific activities performed in originating loans, which are
primarily salary expense. As a result of the lower costs associated with
originating loans in the new process, a lower amount of loan fees collected is
offset against salary expense and a larger amount is deferred and amortized
into income over the estimated life of the loan.
Employee benefits for the three months ended June 30, 1995 were $451 thousand
compared to $309 thousand in the 1994 period. This increase is due to higher
accruals for incentives.
Results of Operations - Six Months Ended June 30, 1995
Net earnings for the six months ended June 30, 1995 were $1.9 million, or $0.70
per share, compared to $1.0 million, or $0.37 per share, for the first half in
1994.
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The increase is due to wider margins and lower provisions for loan and lease
losses.
Net interest income increased $1.2 million to $9.0 million for the six months
ended June 30, 1995 compared to $7.8 million for the same period in 1994.
Interest income increased $1.5 million in the 1995 period while interest
expense on deposits and other borrowings increased only $300 thousand. The
1995 interest income was higher due to higher yields on loans, federal funds
sold and investment securities as a result of higher market rates of interest
and favorable repricing. The cost of deposits did not experience as large an
increase during the 1995 period as compared to 1994. Additionally, a greater
level of noninterest bearing deposits funded the earning assets in the first
half of 1995.
The provision for loan and lease losses for the first six months of 1995 was
$603 thousand compared to $1.4 million for the six months ended June 30, 1994.
The decrease was based upon management's assessment of the adequacy of the
allowance for possible credit losses as discussed above in the quarterly
discussion.
Other increase decreased to $2.0 million for the six months ended June 30, 1995
compared to $2.4 million for the same period in 1994. This decrease is
primarily due to lower bankcard discounts and lower gains on the sale of Small
Business Administration-guaranteed (SBA) loans. The bank is retaining more of
the SBA loans in 1995 as compared to 1994 as a result of a strategic decision.
Other expense was $100 thousand higher in the first half of 1995 totaling $7.1
million compared to $7.0 million for the same period in 1994. Salary expense
was $200 thousand lower for the 1995 period compared to 1994 offset by a
similar increase in employee benefits. While the Company's staffing levels
were significantly lower in the 1995 period than 1994, the full impact is not
reflected in the salary expense line item due to the application of Statement
of Financial Accounting Standards No. 91 "Accounting for Nonrefundable Fees and
Costs Associated with Originating or Acquiring Loans and Initial Direct Costs
of Leases" (SFAS 91). After reengineering its lending process, the Company, as
provided for under SFAS 91, reevaluated the direct costs of specific activities
performed in originating loans, which are primarily salary expense. As a
result of the lower costs associated with originating loans in the new process,
a lower amount of loan fees collected is offset against salary expense and a
larger amount is deferred and amortized into income over the estimated life of
the loan.
Newly Issued Accounting Pronouncements
In March 1995, the FASB issued Statement of Financial Accounting Standards No.
121, "Accounting for the Impairment of Long-Lived Assets and for Long-Lived
Assets to Be Disposed Of" ("SFAS 121"). SFAS 121 provides guidance for
recognition and measurement of impairment of long-lived assets, certain
identifiable intangibles and goodwill related both to assets to be held and
used by an entity and assets to be disposed of. SFAS 121 is effective for
financial statements for fiscal years beginning after December 15, 1995. The
Bank owns certain of its branch banking facilities. The Company expects to
adopt the statement on January 1, 1996 and does not expect that the adoption of
the statement will have a material impact on the Company's results of
operations or financial position.
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Part II. Other Information
Items 1-3.
No reportable events.
Item 4.
On April 26, 1995 the Annual Meeting of Shareholders was held for the purpose
of:
a) Electing ten directors. The names of so elected and the number of
votes set opposite their respective names were:
Director For Withhold Director For Withhold
------------------ --------- -------- --------------- --------- --------
Michael B. Burns 1,910,559 5,093 Warren Finley 1,685,381 230,271
J.B. Crowell 1,910,323 5,329 Warren Fix 1,906,074 9,578
Lynne Pierson Doti 1,906,074 9,578 A.J. Sfingi 1,909,357 6,295
Raymond E. Dellerba 1,910,550 5,102 Donald F. Sodaro 1,910,559 5,093
Rolf J. Engen 1,910,306 5.346 George H.W 1,910,559 5,093
The names of directors having a remaining term after the election
are the same as noted above.
b) To approve the Company's 1995 Stock Option Plan which provides for
the grant of incentive stock options and nonqualified stock
options to purchase up to an aggregate of 130,000 shares of Common
Stock of the Company to officers, directors and key employees of the
Company and its subsidiaries. The Plan was approved with 1,820,112
votes in the affirmative and 70,037 votes against.
Item 5. Other Information
On May 17, 1995 the Board of Directors declared a cash dividend of 8 cents per
share payable July 3, 1995 to shareholders of record June 5, 1995.
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits
(2) Agreement and Plan of Reorganization and Filed as an exhibit to the
Merger dated as of May 22, 1995, by and Registrant's Report on Form
among Eldorado Bancorp, a California 8-K filed on June 30, 1995,
corporation, Eldorado Bank, a California which exhibit is incorporated
state chartered bank, Mariners Bancorp, a herein by reference.
California corporation and Mariners Bank, a
California state chartered bank.
(27) Financial Data Schedule.
(b) Reports on Form 8-K
On June 30, 1995, the Company filed a Current Report on Form 8-K in
connection with the Company entering into a definitive merger agreement,
which agreement was attached as an exhibit to the Report on Form 8-K.
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SIGNATURE
Pursuant to requirements of the Securities Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.
Eldorado Bancorp
-----------------------------
(Registrant)
August 11, 1995 /s/ Raymond E. Dellerba
---------------------------- -----------------------------
Date Raymond E. Dellerba
Executive Vice President
August 11, 1995 /s/ David R. Brown
---------------------------- -----------------------------
Date David R. Brown
Executive Vice President
Chief Financial Officer
(Principal Financial Officer)
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