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Discovery Bancorp Q4 net loss increase

Discovery Bancorp has reported a net loss of $517,000 for the fourth quarter of fiscal 2007, compared to a net loss of $62,000 for the corresponding period of fiscal 2006.

For the full-year period ended December 31, 2007, earnings were $335,000, or $0.17 per diluted share, a decrease of 75.3% compared to earnings of $1.3 million, or $0.71 per diluted share in 2006.

Frank Mercardante, president and CEO, said: We conducted a thorough review of all non-performing loans as of December 31, 2007, shortly after my arrival on February 1, 2008.

Our review resulted in an additional provision to the reserve for loan and lease losses of $1.2 million as of year-end which reflects deterioration experienced in the loan portfolio in the fourth quarter.