PANAMA CITY, Fla. - Florida First Federal Savings Bank has completed the sale of a $1.6 million parcel of foreclosed real estate, reducing its net nonperforming assets below industry averages.

Upon completion of the land sale, net nonperforming assets, including nonaccrual loans and foreclosed real estate, totaled $3.8 million, or 1.3% of total assets. At Sept. 30, 1994 (the last date such statistics were available), the national average of net nonperforming assets, as a percentage of total assets, for publicly traded thrifts was 1.98%.

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