Local Financial Corporation
Announces 3rd Quarter Earnings
OKLAHOMA CITY, Oct. 21 /PRNewswire/ -- Local Financial Corporation (Amex: LO - news),
holding company for Local Federal Bank and Local America Bank, reported net income for the 3rd
calendar quarter ended September 30, 1998 was $4.7 million or $0.23 basic earnings per share
(based on 20.5 million average shares) bringing year-to-date earnings to $13.5 million or $0.66
basic earnings per share compared to a net loss per share of ($5.00) and ($6.18) for the same
periods one year ago. It should be noted that last year's third quarter loss included the effects of
restructuring the balance sheet in connection with Local's acquisition by the Townsend Investment
Group.
The Company also announced the successful completion of its acquisition of BankSouth
Corporation, the Lawton, Oklahoma bank holding company for Citizens Bank. BankSouth had
assets, liabilities and stockholders' equity of $177.5 million, $167.8 million and $9.7 million,
respectively, as of September 30, 1998 and was accounted for as a purchase in Local's balance
sheet at that date. The acquisition will increase total statewide deposits for Local Financial
Corporation to $1.7 billion and makes it the largest depository institution in the Lawton market.
Chairman and CEO Edward A. Townsend states ''we are extremely pleased to make this
announcement only about a year after the change to in-state control of Local. We believe this
acquisition will be accretive to future earnings and further our goal to better serve our customers
statewide.'' He further stated that ''former Citizens Bank customers will see an increase in the level
of products and services available to them from an Oklahoma-based, Oklahoma-focused financial
institution.'' |
