MIDDLETOWN, Conn. - Farmers & Mechanics Bank announced "significant progress" in disposing of approximately half of its nonperforming assets and improving future operating earnings, but said the disposition would result in a third quarter loss of $2.1 million to $2.5 million.

John F. Beckert, president and chief executive, said "the bank acted on market opportunities enabling swifter resolution of NPAs which, combined with other income enhancements, should permit fuller and more timely realization of the bank's core earning power."

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