
                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: SATURDAY, February 9, 1991                   TAG: 9102090153
SECTION: BUSINESS                    PAGE: A-8   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Short

INVESTORS REPORTS $18.8 MILLION IN LOSSES

Investors Financial Corp., parent of Investors Savings Bank, on Friday reported a net loss last year of $18.8 million or $2.18 a share last year, compared to a loss of $8.9 million or $1.03 a share for 1989. The company operates 50 branches statewide, including one in downtown Roanoke.

For the fourth quarter Investors showed an improvement from a loss of $13.8 million or $1.60 a share in 1989 to a loss of $4.7 million or 54 cents a share in 1990.

Investors said it does not currently meet any of the government standards for financial strength. The Office of Thrift Supervision is still considering the company's proposed plan for reaching compliance with the standards.

Steven C. DeLaney, president, called the results disappointing but not unexpected considering "the breadth and depth of the real estate recession which is gripping most of the nation."

He said Investors has increased "the quality and intensity of our management and control of problem real estate."

The 1990 results reflect a $2.6 million increase in reserves set aside for losses from problem loans. At the end of December, the company had loan loss reserves of $24.5 million or 1.7 percent of total loans. The value of assets producing no income for the thrift stood at $182.7 million.

- Staff report

by CNB