Path: bloom-picayune.mit.edu!snorkelwacker.mit.edu!americast.com!americast.com!americast-post
Newsgroups: americast.ibd
From: americast-post@AmeriCast.Com
Organization: American Cybercasting
Approved: americast-post@AmeriCast.com
Subject: Companies In The Leading Industry
Date: Wed, 4 Nov 92 12:45:02 EST
Message-ID: <11.1992Nov4.124502@AmeriCast.com>

11/4/92


TITLE Companies In The Leading Industry #m#ak#m#First Citizens
Boosts Southeast Bank Group The Banks - Southeast group is the
top-performing industry this year, thanks in part to improved
earnings.  The large 102-stock group has picked up about 33%
since Jan. 1. The Standard & Poor's 500-stock index, by comparis-
on, has gained 1.4% during that time. The group has been trending
higher for the past 19 months, although progress has slowed in
recent weeks.  First Citizens Bancshares Class A-
 has been gliding higher for the past year thanks to a turnaround
in earnings. After three quarters of declining profits, the com-
pany five quarters ago began pumping out double- and triple-digit
earnings gains. The Raleigh, N.C.-based banker last year acquired
First Federal Savings Bank in Hendersonville, with 12 offices and
$438 million in assets.

Thinly traded Magna Bancorp Inc. also has been galloping ahead
for the past year. This week it hit a new high of 431/2. In Janu-
ary, it traded at half that.  The Hattiesburg, Miss.-based bank
has produced six straight quarters of triple-digit earnings
growth of at least 111%.

Magna is the holding company for Magnolia Federal Bank for Sav-
ings with 40 offices in Mississippi. It is one of the largest
thrift institutions in the state.

This article is copyright 1992 Investors Business Daily. Redis-
tribution to other sites is not permitted except by arrangement
with American Cybercasting Corporation.  For more information,
send-email to usa@AmeriCast.COM