FIRST CENTRAL SAVINGS LOSES BIG AFTER INVESTING OUT OF STATE

* FLORIDA MORTGAGE INVESTMENT HITS HARD THE SMALL BANK
* BOARD OF DIRECTORS BLAME THE BAD ECONOMY
Astoria,New York
A somber shareholders meeting took place at First Central Savings headquarters in Glen Cove this past Thursday. Shareholders were wondering why a profitable bank since inception has inked sizeable losses. After getting hit with bad investments out of state, the bank took a 17 million dollar hit on its books. A government fine of more than 100 thousand and a deadline for compliance to shore up its finances has forced the board of directors to raise additional capital.
Some of its original investors and non-board members were hesistant to do so. One argued that it would be better to invest in distressed and foreclosed properties instead of sinking more money in the bank. First Central has never paid a dividend to its original shareholders. Mr J. Pistilli, Chairman of the Board has argued that the money would have been better put to work back into the company. Pistilli sees better days ahead and has injected new blood in the management of the bank.