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

DATE: SUNDAY, February 10, 1991                   TAG: 9102100297
SECTION: VIRGINIA                    PAGE: C3   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Short

VIRGINIA THRIFT CITES LOSS FROM REAL ESTATE TROUBLES

Investors Financial Corp. of Richmond reported losses late last week from a troubled real estate market.

"Our 1990 results, while disappointing, were not unexpected given the breadth and depth of the real estate recession which is gripping the nation," said Steven DeLaney, president and chief administrative officer of Investors Financial Corp.

Investors, parent of Investors Savings Bank, said Friday its net loss for the quarter ending Dec. 31 was $4.7 million, bringing the company's losses for the year to $18.8 million. In 1989, Investors lost $8.9 million.

Investors said its non-performing assets, essentially real estate loans in arrears, were $182.7 million at the end of 1990. That was 11 percent of total assets of $2.1 billion. Of the non-performing asset total, $121.7 million was commercial real estate loans.

There is an Investors Savings Bank in Roanoke.

- Associated Press

by CNB