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

DATE: FRIDAY, May 4, 1990                   TAG: 9005040192
SECTION: BUSINESS                    PAGE: A7   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Short

CHARTER FEDERAL TURNS FIRST PROFIT SINCE 1988

Thanks to the one-time sale of its credit card portfolio, Charter Federal Savings Bank has turned its first quarterly profit since September 1988. The Bristol-based thrift said it earned $1.22 million or 33 cents a share for the period ending March 31. That included a gain of more than $1.9 million on sale of the portfolio in February to First Atlanta Bank.

Douglas Deppen, chief financial officer, said the operating loss for the quarter was more than $700,000, compared with losses of $4.5 million for the period ended last December and $1.8 million for the September quarter.

Deppen said he expects continued improvement because of cost-cutting measures begun at the end of December, including layoffs of about 75 employees and elimination of high-interest brokered deposits.

Chairman E.L. Byington Jr. said the results exceeded projections of the business plan submitted to the Office of Thrift Supervision. Charter Federal, with 356 offices in Southwest and Southside Virginia and eastern Tennessee, is downsizing in an attempt to meet new capital standards by federal regulators. - Staff report

by CNB