RE: NAL TRUSTCO INC. announces additional loan loss provisions.
TORONTO--(BUSINESS WIRE)--Feb. 3, 1995--NAL TRUSTCO INC.Further to its Press Release of November 25, 1994, NAL Trustco Inc. announced today that its subsidiary, North American Trust Company, will be making additional specific and general loan loss provisions totaling approximately $64 million in
These provisions are North American Trust Company's current best estimates of loan losses that may occur; actual losses that will result in the future will almost certainly differ therefrom. However, should current estimates prove to be accurate, North American Trust Company will significantly exceed the $300 million coverage limit under the Deficiency Coverage Agreement. Consequently, the NALTrustco Inc. Junior Notes may prove to have no value at maturity.
CONTACT: Mr. Barry Lynch,
Vice President and General Counsel,
North American Trust Company;
Secretary,
NAL Trustco Inc.
416/947-7423
INDUSTRY KEYWORD: BANKING REPEATS: New York 212-575-8822 or 800-221-2462; Boston 617-330-5311 or
80
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