Independence Federal Savings Bank Financial Information for the Three- and Nine-Month Periods Ended Sept. 30, 1997 — unaudited

Business Wire, Oct 23, 1997

WASHINGTON--(BUSINESS WIRE)--Oct. 23, 1997--Independence Federal Savings Bank earned $211,000 or 16 cents per share in its third quarter, ended Sept. 30, 1997, as compared to a net loss of $346,000 or 27 cents per share in the year earlier period.

Earnings for the third quarter of 1996 were affected by a one-time charge to recapitalize the Savings Association Insurance Fund. This special assessment, which was levied on all SAIF-insured institutions, reduced net income for the 1996 third quarter by $794,000 after taxes.

For the nine months ended Sept. 30, 1997, net income totaled $1,154,000 or 90 cents per share, as compared to $55,000 or 4 cents per share for the nine months ended Sept. 30, 1996. Without the previously mentioned SAIF special assessment, net income for the same period in 1996 would have totaled $849,000 or 66 cents per share.

As of Sept. 30, 1997, total assets were $252 million, as compared to $248 million at Sept. 30, 1996.

Independence Federal, with offices at 1229 Connecticut Ave., NW; 1020 Nineteenth St., NW; 7711 Georgia Ave., NW, and 1006 E. St., NW (all in Washington, D.C.), is listed on the NASDAQ as IFSB.

CONTACT: Independence Federal Savings, Washington

Holly Burns, 202/626-0460