1ST CENTRAL FINANCIAL <FCC> SEES HIGHER EARNINGS
First Central Financial Corp said it
expects earnings to rise significantly in 1987 and said it is
actively seeking an acquisition.
    The property and casualty insurance company's chairman and
chief executive officer, Martin J. Simon, told Reuters in an
interview that he expects earnings of 33 cts a share in 1987
compared with 25 cts a year ago.
    He said, "the company currently has the sufficient momentum
to achieve those earnings and the successful completion of
licensing applications to operate in Pennsylvania, Delaware,
Connecticut and Ohio should fuel our earnings."
    The company is currently licenced to operate only in New
York state.
    Simon estimated that the company would earn seven cts a
share in the first quarter compared to three cts in the same
quarter a year ago, and eight cts a share in the second quarter
compared to five cts earned in 1986. He expects the company to
earn nine cts a share for each of the final two quarters of
1987.
    In addition, Simon said, First Central Financial "is
actively looking for, and has several acquisition brokers
looking for a small life insurance company to acquire."
    He said the acquisition should be in the 10 mln dlr range
and will be part of a strategy of expanding the company into a
"wide spectrum of insurance services." No specific company has
been targeted as yet, "but I would like to make my first
acquisition in 1987," he said.
    He said First Central Financial would not itself be an easy
takeover target. It wants to remain independent, he said, and
has implemented a staggered board of directors system. In
addition, Simon, the company's biggest shareholder, holds about
960,000 of the 6.2 mln ouitstanding shares.
 Reuter
