EXHIBIT 99.1






                     [WHG BANCSHARES CORPORATION LETTERHEAD]

FOR IMMEDIATE RELEASE              FOR FURTHER INFORMATION CONTACT:
- ---------------------              --------------------------------
April 15, 1997                     Peggy J. Stewart
                                   President and Chief Executive Officer
                                   (410) 583-8700

                      WHG BANCSHARES CORPORATION ANNOUNCES
                QUARTERLY EARNINGS, DIVIDEND AND STOCK REPURCHASE

         Lutherville,  Maryland -- WHG Bancshares  Corporation  (Nasdaq SmallCap
Market-WHGB),  the parent  holding  company of Heritage  Savings  Bank,  F.S.B.,
Lutherville,  Maryland, today announced earnings for the quarter ended March 31,
1997. For the quarter ended March 31, 1997, the Company earned  $202,907 or $.14
per share,  as compared to net earnings of $144,717 for the quarter  ended March
31, 1996. For the six months ended March 31, 1997,  the Company earned  $358,017
or $.24 per share,  as compared to net  earnings of $270,155  for the six months
ended March 31, 1996.

         Total  assets of the Company were $98.4  million at March 31, 1997,  as
compared to $96.6 million at September 30, 1996.  Stockholders' equity increased
to $21.5  million or $14.00 per share at March 31,  1997,  as  compared to $23.2
million or $14.34 per share at September 30, 1996. The decrease in stockholders'
equity during the second fiscal quarter is due primarily to a stock repurchase.

         The Company also  announced  that the Board of Directors had declared a
$.05 per share cash dividend payable on June 10, 1997, to stockholders of record
as of the close of  business  on May 14,  1997.  This is the  third  consecutive
dividend paid by the Company since becoming a public company.

         The Company  also  announced  that it intends to initiate a  repurchase
plan covering up to 5%, or 76,952  shares,  of the Company's  common stock to be
purchased in the open market.  The Company  currently  has  1,539,059  shares of
common stock outstanding.  Mrs. Peggy J. Stewart,  President and Chief Executive
Officer of the Company,  indicated that the repurchase  plan could mitigate some
of the potentially dilutive effects of the Company's stock option plan and would
also be available for general  corporate use. The repurchases  will be made from
time to time in open-market transactions, subject to the availability of stock.

         On  March  25,  1997,  the  Company  announced  the  completion  of the
repurchase  of 81,003 shares of its common  stock,  representing  5% of the then
outstanding shares.

         The Company became the holding  company for the Bank on March 29, 1996,
following its initial public  offering at the time of the conversion of the Bank
from the mutual to stock form of ownership. Results of operations prior to March
29, 1996, relate solely to the operations of the Bank.





         The Bank is a  federally  chartered  savings  bank  that  conducts  its
business  from its main  office  located in  Lutherville,  Maryland,  one branch
office  located in  Baltimore  City,  Maryland,  two branch  offices  located in
Baltimore  County,  Maryland,  and one branch office  located in Howard  County,
Maryland.  The Bank's deposits are insured up to the maximum legal amount by the
Federal Deposit  Insurance  Corporation  (FDIC).  The Company's  common stock is
traded on the Nasdaq SmallCap Market under the symbol "WHGB."